solved 1) Plant Inc. a calendar year reporting company acquired 80%

1) Plant Inc. a calendar year reporting company acquired 80% of Seed Inc.’s outstanding common stock for $ 484,000 on Dec. 31, 2018, when the fair value of Seed’s Net Assets was $ 568,000. The following data summarize the fair value calculation: (2 Marks)Book Value ElementAmount $Life RemainingCommon Stock150,000Retained Earnings135,000Under –Or-Over ValuationInventory(9700)2 MonthsLand48,000IndefiniteEquipment96,0008 YearsCovenant –Not-To Compete40,0005 YearsGoodwill Element108,700IndefiniteTotal Cost568,000 Plant Inc. & Seed Inc.WorksheetAs at Dec. 31, 2018Balance SheetPlant ($)Seed ($)Cash148,00047,000Account Receivable103,500118,000Inventory152,500126,000Investment in Seed – Book Value228,000 Excess Cost226,400Land168,000127,000Building & Equipment400,000309,000Accumulated Depreciation-16,000-102,000Total Assets1,410,400625,000Payable & Accruals265,400120,000Long Term Assets290,000220,000Common Stock450,000150,000Retained Earnings405,000135,000Total Liabilities & Equity1,410,400625,000You are required to(a) Prepare an Analysis of the Investment Account Through Dec. 31, 2018. Show clearly Book Value and Excess Value calculation by preparing tables.(b) Prepare all consolidation (Elimination Entries) as of Dec. 31, 2018.(c) Prepare a Consolidated Worksheet as at Dec. 31, 2018. 2) The following intercompany transactions occurred during the year:(1.5 Marks)Parent loaned $12500 to Sub. To keep things simple, assume that there is no interest revenue or interest expense associated with this loan.Parent made a sale to Sub for $13000 cash. The inventory had originally cost Parent $12220. Sub then sold that same inventory to an outsider for $14000.Parent made a sale to Sub for $15000 cash. The inventory had originally cost Parent $11280. Sub has not yet sold that same inventory to an outsider. (Don’t forget equity method entry!)Based on our “conceptual discussion,” what consolidation worksheet entries would you make?3) Peter Corp. purchased a machine on Jan 1, 2011 for $ 120,000 and estimated that the machine would have a useful life of 10 years with no salvage value. After two years, on Dec. 31, 2012, Peter corp. sold the machine to its 100 % owned subsidiary, Sonu Co. for $ 100,000. Sonu Co. estimated that the asset had a remaining useful life of five years.What is the amount of the gain or loss recorded by Peter Corp. at the time of the fixed transfer? What balance would have existed if the transfer had not taken place?Show the worksheet entry on Dec. 31, 2012 to eliminate the asset transfer to make adjustment to change form ‘Actual’ to ‘As If’ the asset hadn’t been transferred.(1.5 Marks)