Joey Co. spent $250,000 to acquire all of Legoria Co's common stock on January 1, 2020....

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Joey Co. spent $250,000 to acquire all of Legoria Co's common stock on January 1, 2020. On December 31, 2023, the trial balances of the two companies were as follows: Item Joey Co. DR. CR. DR. Legoria Co CR Cash 82,000 52,000 Accounts Receivable 120,000 53,000 Land 65,000 110,000 Building and equipment 500,000 350,000 Investment in Legoria 330,000 Cost of Goods Sold 470,000 130,000 Depreciation Expense 35,000 18,000 Other Expenses 57,000 60,000 Dividends Declared and paid 30,000 12,000 Accumulated Depreciation 265,000 93,000 Accounts Payable 76,000 17,000 Taxes Payable 54,000 68,000 Notes Payable 100,000 87,000 Common Stock 150,000 80,000 APIC 50,000 20,000 Retained Earnings 1/1/2023 340,000 160,000 Sales 610,000 260,000 Equity in Earnings of Legoria 44,000 Legoria Company reported Retained Earnings of $100,000 at the date of acquisition. In 2020, 2021 and 2022, Legoria Co. reported $30,000 income each year and paid dividends of $10,000 each year. At the date of the acquisition, Buildings and Equipment were undervalued by $40,000 with a remaining life of 10 years from the date of acquisition ON December 31, 2023, Legoria owed Joey $4,500. Joey Co's Management concluded that Goodwill related to its acquisition of Legoria Co. was impaired and had a carrying value of $6,000 at December 31, 2023 Required: 1). Give all of the journal entries that Joey Co. would make on "ITS" books to account for its investment in Legoria Co during 2023. 2). Give all of the Consolidation [Elimination entries] needed to prepare Consolidated Financial Statements for the year ended December 31, 2023. You must include the Consolidated Financial Statements in your answer. A) What are Consolidated Total Liabilities B) What are Consolidated Total Assets? C) What is Consolidated Stockholders' Equity? D) What is Consolidated Net Income? Joey Co. spent $250,000 to acquire all of Legoria Co's common stock on January 1, 2020. On December 31, 2023, the trial balances of the two companies were as follows: Item Joey Co. DR. CR. DR. Legoria Co CR Cash 82,000 52,000 Accounts Receivable 120,000 53,000 Land 65,000 110,000 Building and equipment 500,000 350,000 Investment in Legoria 330,000 Cost of Goods Sold 470,000 130,000 Depreciation Expense 35,000 18,000 Other Expenses 57,000 60,000 Dividends Declared and paid 30,000 12,000 Accumulated Depreciation 265,000 93,000 Accounts Payable 76,000 17,000 Taxes Payable 54,000 68,000 Notes Payable 100,000 87,000 Common Stock 150,000 80,000 APIC 50,000 20,000 Retained Earnings 1/1/2023 340,000 160,000 Sales 610,000 260,000 Equity in Earnings of Legoria 44,000 Legoria Company reported Retained Earnings of $100,000 at the date of acquisition. In 2020, 2021 and 2022, Legoria Co. reported $30,000 income each year and paid dividends of $10,000 each year. At the date of the acquisition, Buildings and Equipment were undervalued by $40,000 with a remaining life of 10 years from the date of acquisition ON December 31, 2023, Legoria owed Joey $4,500. Joey Co's Management concluded that Goodwill related to its acquisition of Legoria Co. was impaired and had a carrying value of $6,000 at December 31, 2023 Required: 1). Give all of the journal entries that Joey Co. would make on "ITS" books to account for its investment in Legoria Co during 2023. 2). Give all of the Consolidation [Elimination entries] needed to prepare Consolidated Financial Statements for the year ended December 31, 2023. You must include the Consolidated Financial Statements in your answer. A) What are Consolidated Total Liabilities B) What are Consolidated Total Assets? C) What is Consolidated Stockholders' Equity? D) What is Consolidated Net Income?