Need to complete this spreadsheet. Please help.
Question Details Required: Carefully Follow and label each step. Points 1. Prepare the acquisition analysis as of acquisition date. Compute the unamortized differential as of 1/1/2021.10 2. Analyze each intercompany transaction. Label as either upstream downstream.15 3. SEPARATELY Calculate Net income to the controlling interest for the year 202120 4. Verify the calculation of the balance in the acccount equity in sub earnings and record the parent company entries with respect to its investment during 202120 5. Prepare all elimination entries for 202120 6. Complete the consolidating spreadsheet for the year ended 2021.15 total100 Canan Corporation paid $16,200 for a 90% interest in Kodak Corporation on January 1, 2020, when Kodak's stockholders' equity consisted of $7,000 Capital Stock, APIC of $3,000 and $3,000 of Retained Earnings. The excess cost over book value was attributable to trademark, which has not been impaired since acquisition date. Additional information: 1. Canan sells merchandise to Kodak at 120% of Canan's cost. During 2020, Canan's sales to Kodak were $4,800, of which half of the merchandise remained in Kodak's inventory at December 31, 2020. (The 2020 ending inventory was sold in 2021.) During 2021, Canan's sales to Kodak were $6,000 of which 60% remained in Kodak's inventory at December 31, 2021. At year-end 2021, Kodak owed Canan $3,000 for the inventory purchased during 2021. 2. Canan Corporation sold equipment with a book value of $2,000 and a remaining useful life of four years and no salvage value to Kodak Corporation on January 1, 2021 for $2,800. Straight-line depreciation is used. 3. During 2021, Kodak sold to Canan land for $50,000 that had a book value of $20,000. Canan still owns the land at 12/31/21. 4. Separate company financial statements for Canan Corporation and Kodak at December 31, 2021 are summarized in the first two columns of the consolidation working papers. See Spreadsheet Tab. Spreadsheet INCOME STATEMENTPSELIMINATIONSCONS.TOT. DRCr Sales60,00014,00074,000 Equity in sub earnings3,4003,400 gain on sale of equip800800 Gain on sale of land30,00030,000 Total revenues64,20044,000108,200 Cost of goods sold26,0004,40030,400 Expenses28,0003,60031,600 Total expenses54,0008,00062,000 Total Net income10,20036,00046,200 Less net income to NCI doratan: doratan: otherwise known as minority interest expense 0 Net income to controlling interest10,20036,00046,200 RETAINED EARNINGS STATEMENT Retained Earnings 1/14,6335,0009,633 Net income10,20036,00046,200 Dividends declared7,0002,0009,000 Retained Earnings 12/317,83339,00046,833 BALANCE SHEET cash5,50033,00038,500 accts rec7,0004,00011,000 Dividends rec0 Inventory9,7334,50014,233 Other current assets0 Land50,0003,50053,500 Buildings, net0 Equipment, net24,0009,00033,000 Investment in S15,60015,600 trademark0 0 0 Total assets111,83354,000165,833 Accounts payable54,0005,00059,000 Dividends payable0 Other liabilities0 Common stock50,0007,00057,000 Additional paid-in capital3,0003,000 Retained earnings7,83339,00046,833 noncontrolling interest0 Total liabilities and equity111,83354,00000165,833 TRUETRUETRUE Sheet6 10 TEMPORARY GRADE 10 put answers here 70% 70%%Answer Sheet: Must use cell referencesEnter Here in Shaded CellWARNING! INSERTING OR CHANGING ANY FORMAT ON this sheet will impact your grade!!! 1. What is the amount for Trademark shown in the consolidated balance sheet? EXAMPLE 2. What amount of the intercompany Equipment net gain or loss adjustment be confirmed in 2021? 38,500 Enter as a positive value if gain or a negative value if loss adjustment to net income to controlling interest . LOOK AT CELL REFERENCE ABOVE 3. What is the amount of the Net parent company intercompany inventory profit that must be recognized in 2021? Enter as a positive value if net income is increased and negative if decreased. 4. What is the amount of the subsidiary intercompany land gain profit that is confirmed in 2021? 5. What is the NonControlling Interest Claim on the Subsidiary's Net Income? Enter as a positive amount. 6. What is the Net Income Attributed to the Controlling Interest? 7. What are consolidated total assets in the Consolidated Balance Sheet? 8. What is the NonControlling Interest Claim on the Subsidiary's Equity at 12/31/21 as presented in the Consolidated Balance Sheet? 9. What is the adjustment to the land account in the elimination entries? Enter as a positive amount. 10. What are consolidated sales for 2021? Extra Credit Up to 10 points Prepare the consolidated balance sheet Include all supporting calculations , consolidation entries and use cell references. Sheet4 70% ERROR:#REF!# 10 20 30 410 50 60 70 80 90 100 10