Using Microsoft Excel, prepare CONSOLIDATION WORKSHEET (spreadsheet) for Salmon and Perch. See project details below.

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:

Provide the consolidating entries needed to prepare a consolidated balance sheet immediately following the business combination.

Prepare a consolidated balance sheet worksheet.