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Problem 3-2 (LO 2) Simple equity method adjustments, consolidated worksheet.On Jan. 1, 20x1, Peres Company purchased 80% of the common stock of Soap Co. for $380,000. Soap has commom stock, other paid-in capital in excess of par, and retained earnings of $50,000, $100,000, and $150,000, respectively. Net income and dividends for two years for Soap are as follows:20X1 Net income $60,000Dividends $20,00020X2Net income $90,000Dividends $30,000On Jan. 1, 20X1, the only undervalued tangible assets of Soap are inventory and the building. Inventory, for which FIFO is used, is worth $10,000 more than cost. The inventory is sold in 20X1. The building, which is worth $25,000 more than book value, has a remaining life of 10 yrs., and straight-line depreciation is used. The remaining excess of cost over book value is attributed to goodwill.1. Using this information and the information in the following trial balances on Dec. 31, 20X2, prepare a value analysis and a determination and distribution of excess schedule.Inventory, Dec. 31.........Peres Co 100K...Soap Co 50KOther current assets.............P..148K.......S...180KInvestment in Soap Co............P..388KLand.............................P..50K........S...50KBldgs & Eqmt.....................P..350K.......S...320KAccumulated Depreciation.........P..(100K).....S..(60K)Goodwill.........................Other Intangibles................P..20KCurrent Liabilities..............P..(120K).....S..(40K)Bonds payable S..(100K)Other Long term liabilities P (200K)common stock, peres company P (200K)other paid in capital in ex., peres (100K)retained earnings, peres (214K)net sales P (520K) s(450K)cogs 300K 260Koperating expenses 120K 100Ksubsidiary income (72K)dividends, declared peres co. 50Kdividends, declared soap co. 30Ktotals 0 02. complete a worsheet for consolidated financial stmts for 20X2.