Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and

Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common

stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

On that date, the book values of Crusoe's assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and buildings and equipment, which had a fair value of $100,000. At December 31, 20X8, Defoe reported accounts payable of $15,000 to Crusoe, which reported an equal amount in its accounts receivable.

Requirements: 1. Provide the consolidating entries needed to prepare a consolidated balance sheet immediately

following the business combination. 2. Prepare a consolidated balance sheet worksheet.

ile Edit View Go Tools Window Help 0 8 8% Sat 10:47 AM a KMARKS ACC413 Online Studies Student Syllabus.pdf (page 11 of 13) Q Search Project: Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below. o On December 31, 20X8, Defoe Corporation acquired 80 percent of Crusoe Company's common stock for $104,000 cash. The fair value of the non-controlling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Cash Accounts Receivable Inventory Land Defoe Crusoe Corporation Company $90,000 $20,000 80,000 35,000 100,000 40,000 40,000 60,000 300,000 100,000 (100,000) (40,000) 104,000 $614,000 $215,000 $120,000 $30,000 200,000 100,000 50,000 25,000 244,000 60.000 On that date, the book values of Crusoe's assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and buildings and equipment, which had a fair value of $100,000. At December 31, 20X8, Defoe reported accounts payable of $15,000 to Crusoe, which reported an equal amount in its accounts receivable. Buildings and Equipment Less: Accumulated Depreciation Investment in Crusoe Company Stock Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Store Requirements: 1. Provide the consolidating entries needed to prepare a consolidated balance sheet immediately following the business combination. 2. Prepare a consolidated balance sheet worksheet. sing Label