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Problem 2 On January 1, 2014, Patel Corporation issued its stock with a fair value of $105,000 for 70% of the outstanding common stock of Summer Company, which became a subsidiary of Patel. The fair value of the noncontrolling interest was $45,000 on January 1, 2014. Differences between book value and fair value of the net identifiable assets of Summer Company on January 1, 2014, were limited to the following Fair Value $43,300 $7,200 Book Value Copyrights $47,000 Long-term debt $8,000 (i)Prepare the working paper entries (in journal entry format) for Patel Corporation and subsidiary on January 1, 2014 Complete the following working paper for consolidated balance sheet of Patel Corporation and subsidiary. Working paper for consolidated balance sheet on date of business combination, January 1, 2014 Adiustements & Eliminations Patel Summer Consolidated Debits Credits 300,000 Cash 105,000 Investments in Summer 395000 Copyrights Goodwill Total 800,000 20,000 200,000 230,000 350,000 Long-term Debt Common Stock Add. Paid -in Capital Retained Earnings Nencentreigg Interest 800,000 Total