Consolidation case Online case Table one Presents the separate financial statements at Dec 31, 2018 OFP. R parent and its subsidiary booking, Inc. 2 years earlier on Jan. 1.2017 P. Racquired of common shares of sub. For 1170 million in cash inc, in 2017 net income was $105 mil and paid he dividends in 2017.3.2018 income was $135 mill, it paid 75 mill individend on Common stock during 2018 Inc.pre-and post acquisition stock prices do not support the existence of control premium. Table 2 shows the allocation of FV at the date of acquisition, Jan. 1. 2017. Table 3 trace Pequity method accounting for B Inc.gnore deffered tax effects Table one PR and Binc. Financial statements at dec 31, 2018 in million 1.365 516 105 96 600 135 309 Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in subsidiary earnings Net income Cash Short term investments land Equipment inet) Investment in small technologies Customer lists Total assets long term abilities Common stock Retained earnings Totals and SHE 67.5 442.5 ses 240 1278 1320 810 2160 4,728 1305 1800 4728 2160 Table 2 Alocation of the Fair value Allocation of PV Estimated Balance or Charged to expense 31.2018 1462.5 11100 Booking IV tiondate Booking t o date Pincess of | Land Equipment Customer ist Long term Lisbites 37. 5TTI Good will 37.5 Table 3 Investor interest in B inc. P properties 80% NCI 20% 1,170 84 12 Allocation of the Fair value(1/117) = 1,462.5 2017 NI of B inc. = 105 Annual excess amortization =15 Equity in B 2017 Investment in B 2018 NI of B inc. Annual excess amortization =15 Equity in B 2018 Investment in B 2018 72 1242 Required: 1. Complete table 2 to show income effects and BS adjustments to be reflected in the Dec. 31,2018, 2. Complete table 3 to trace the NCI in b. Inc. earnings and net assets. 3. Prepare a worksheet to consolidate P and B at Dec. 31, 2018 4. Comment if this consolidation is good for parent or not? Give your own analysis. Consolidation case Online case Table one Presents the separate financial statements at Dec 31, 2018 OFP. R parent and its subsidiary booking, Inc. 2 years earlier on Jan. 1.2017 P. Racquired of common shares of sub. For 1170 million in cash inc, in 2017 net income was $105 mil and paid he dividends in 2017.3.2018 income was $135 mill, it paid 75 mill individend on Common stock during 2018 Inc.pre-and post acquisition stock prices do not support the existence of control premium. Table 2 shows the allocation of FV at the date of acquisition, Jan. 1. 2017. Table 3 trace Pequity method accounting for B Inc.gnore deffered tax effects Table one PR and Binc. Financial statements at dec 31, 2018 in million 1.365 516 105 96 600 135 309 Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in subsidiary earnings Net income Cash Short term investments land Equipment inet) Investment in small technologies Customer lists Total assets long term abilities Common stock Retained earnings Totals and SHE 67.5 442.5 ses 240 1278 1320 810 2160 4,728 1305 1800 4728 2160 Table 2 Alocation of the Fair value Allocation of PV Estimated Balance or Charged to expense 31.2018 1462.5 11100 Booking IV tiondate Booking t o date Pincess of | Land Equipment Customer ist Long term Lisbites 37. 5TTI Good will 37.5 Table 3 Investor interest in B inc. P properties 80% NCI 20% 1,170 84 12 Allocation of the Fair value(1/117) = 1,462.5 2017 NI of B inc. = 105 Annual excess amortization =15 Equity in B 2017 Investment in B 2018 NI of B inc. Annual excess amortization =15 Equity in B 2018 Investment in B 2018 72 1242 Required: 1. Complete table 2 to show income effects and BS adjustments to be reflected in the Dec. 31,2018, 2. Complete table 3 to trace the NCI in b. Inc. earnings and net assets. 3. Prepare a worksheet to consolidate P and B at Dec. 31, 2018 4. Comment if this consolidation is good for parent or not? Give your own analysis