On January $1,2020,$ Chocolate, Inc. acquired the outstanding voting common stock of Peanut Corp. for

$$600,000.$ Of this payment, $$85,000$ was allocated to undervalued equipment $($with a five$-$year life$).$ Any

remaining excess was attributable to goodwill. $($HHints: Calculate boolk value of asacta and AAP, which mill help

deteraxime goodsill$)$

During $2020,$ Chocolate bought inventory for $$44,000$ and sold it to Peanut for $$98,500,60\%$ of these goods

were still in the company's possession on December $31.$ The financial statements of the two companies as of

Prepare the consolidated Balance Sheet and also prepare all consolidation journal entries $($i$.$e$.,$ elimination

entries

On January $1,2020,$ Chocolate, Inc. acquired the outstanding voting common stock of Peanut Corp, for

$$600,000.$ Of this payment, $$85,000$ was allocated to undervalued equipment $($with a five$-$year life$).$ Any

remsining excess was attributable to goodwill. $($Hinut: Calculate bools value of sasgetas aud AAP, wrobichi will hielp

determine goodkill$)$

During $2020,$ Chocolate bought inventory for $$44,000$ and sold it to Peanut for $$98,500.60\%$ of these goods

$1$ were still in the company's possession on December $31.$ The financial statements of the two companies as of

Prepare the consolidated Balance Sheet and also prepare all consolidation journal entries $($i$.$e$.,$ elimination

entries$)$

$22$ Accounts payable

$23$ Accrued liabilities

$24$ Common stock

$25$ Additional paid$-$in capital

$26$ Retained Earnings, $\frac{12}{31}\frac{?}{20}$

$27$ Total Liabilities and Equities