Assume that a parent company acquires a 70% interest in a subsidiary for a purchase price of $1,078,000. The excess of the total fair value of the controlling and non-controlling interests over the book value of the subsidiary?s stockholders? equity is assigned to a building (in PPE-net) that is worth $100,000 more than its book value, an unrecorded patent that the parent valued at $200,000, and goodwill of $300,000. Goodwill is assigned proportionally to the controlling and non-controlling interests. Using the data below, you are to complete the consolidation worksheet by:1. Entering the consolidation entries in the appropriate columns for the elimination entries (E), and the addition of the AAP amounts (A).2. Preparing the consolidated balance sheet as it would appear after acquisition. Parent Subsidiary Dr Cr ConsolidatedCash 920,000 215,000 Accounts receivable 782,000 330,000 Inventory 1,100,000 425,000 Equity investment 1,078,000 PPE, net 5,400,000 800,000 Patent Goodwill Total assets 9,280,000 1,770,000 Current liabilities 810,000 330,000 Long-term liabilities 4,000,000 500,000 Common stock 920,000 90,000 Additional paid-in capital 700,000 120,000 Retained earnings 2,850,000 730,000 Noncontrolling interest Total liabilities and equity 9,280,000 1,770,000