Pan purchased 80% of Spatula's common shares for $250,000 on August 1, Year 5. Pan and...

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Pan purchased 80% of Spatula's common shares for $250,000 on August 1, Year 5. Pan and Spatula Inc. had the following balance sheets on August 1, Year 5 prior to the purchase: Cash Accounts Receivable Inventory Plant and Equipment (net) Trademark Total Assets Accounts Payable Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Pan $310,000 $50,000 $40,000 $300,000 $700,000 $150,000 $390,000 $120,000 $40,000 $700,000 Spatula $65,000 $59,000 $60,000 $250,000 $33,000 $467,000 $115,000 $207,000 $85,000 $60,000 $467,000 Fair Value $65,000 $62,000 $65,000 $210,000 $23,000 $115,000 $210,000 Required: a) Prepare the journal entry to record the purchase of Spatula's common shares on August 1, Year 5 b) Prepare the calculation and allocation of acquisition differential schedule and prepare the consolidated balance sheet at August 1, Year 5 (in good format and write out all words completely, including account names). c) Calculate goodwill and non-controlling interest on the consolidated balance sheet on August 1, Year 5 under the parent company extension theory. Pan purchased 80% of Spatula's common shares for $250,000 on August 1, Year 5. Pan and Spatula Inc. had the following balance sheets on August 1, Year 5 prior to the purchase: Cash Accounts Receivable Inventory Plant and Equipment (net) Trademark Total Assets Accounts Payable Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity Pan $310,000 $50,000 $40,000 $300,000 $700,000 $150,000 $390,000 $120,000 $40,000 $700,000 Spatula $65,000 $59,000 $60,000 $250,000 $33,000 $467,000 $115,000 $207,000 $85,000 $60,000 $467,000 Fair Value $65,000 $62,000 $65,000 $210,000 $23,000 $115,000 $210,000 Required: a) Prepare the journal entry to record the purchase of Spatula's common shares on August 1, Year 5 b) Prepare the calculation and allocation of acquisition differential schedule and prepare the consolidated balance sheet at August 1, Year 5 (in good format and write out all words completely, including account names). c) Calculate goodwill and non-controlling interest on the consolidated balance sheet on August 1, Year 5 under the parent company extension theory.