PLease include an excel spreadsheet on the question.

Micro PDF C 4 IM Ac *Search in Cours *Home G Profes G Gene * auditi G All of Q Chapt Q Chap Q Audit G V eText Vi X + X C bookshelf.vitalsource.com/#/books/9780133135121/cfi/168!/4/4@0.00:5.00 G To Table of Contents P3-9 (35 minutes, difficult) On January 1, 20X1, Rodriguez Inc. purchased 100% of the common shares of Teresa Inc.. for $325,000. On that date the following differences were observed with regard to specific net assets of Teresa Inc.: Fair value-carrying Q Search TOC value differences Land ($75,000) Buildings (net) 35,000 Equipment (net) (45,000) Notes payable 15,000 The separate entity SFP of Teresa and the consolidated SFP of Rodriguez Inc. on January 1. xiv Acknowledgments 20X1, are presented below. The consolidated SFP of Rodriguez was prepared following the acquisition method. Teresa Consolidated Cash 25,000 70,000 1 1 Setting the Stage Accounts receivable 72,500 197,500 Inventory 129,000 234,000 Land 125,000 280,000 Buildings (net) 60,000 720,000 2 Intercorporate Equity Equipment (net) 48,000 338,000 27 Goodwill 0 50,000 Investments: An Introduction TOTAL ASSETS 109,500 1,889,500 Accounts payable 6,000 131,000 Notes payable 3,500 572,500 Common stock 310,000 380,000 85 3 Business Combinations Retained earnings 140,000 806,000* TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 409,500 1,889,500 *The consolidated retained earnings include a gain from bargain purchase of Teresa of $25,000. 4 Wholly Owned Subsidiaries: Required 143 Prepare the January 1, 20X1, separate-entity SFP of Rodriguez Inc. Show all supporting NS Reporting Subsequent to... calculations. O O Ei 9 VitalSource Booksh.. Spotify Premium w Midterm Communi... A 9 ()ENG 1:04 AM 2020-10-20