Hello. First pcture is the problem, second picture is the spreadsheet format/template that the problem can be solved with; provided by the professor. Please/thanks! =)

Exercise 2 Consolidation On 1/01/17 Piper company purchased 100% of the stock of Snake Corp. for $8,000,000. Snake continued to operate as a separate legal corporation after the acquisition. At the time of the acquisition Snake Corp had $4,800,000 of capital stock and $1,600,000 of retained earnings All assets and liabilities of Snake had fair values equal to their book values at 1/1/17 except for plant assets that were undervalued by $400,000 (fair value-$2,000,000 and its book value $1,600,000) with a remaining life of 5 years. During 2017, Snake reported net income of $400,000 and declared dividends of $160,000 on 12131/17. Balance sheets for Piper and Snake at 12/31/17 (in 000's) are as follows Snake 1,000 1,200 400 2,020 60 Cash Receivables Net Recevable - Snake Dividends Receivable Invento Land Equipment Net Investment in Snake Goodwil 160 7,400 4,800 14,400 8,160 800 3.200 1,600 Total Assets 1,280 Accounts Pavable Accts Pavable Piper Dividends Pavable Capital Stock Retained Earnin 9,220 60 640 24,000 3.200 37 120 160 4,800 1,840 Total L Equi Prepare consolidated balance sheet workpapers for Piper and it's subsidiary at 12/31/17. (you can use the excel template provided in a separate document.)