I need the Excel formula used and not just the numbers.Please. Part 2: Problem Solving – Consolidate

I need the Excel formula used and not just the numbers.Please.

Part 2: Problem Solving – Consolidated Financials Assume that on 1/1/X0, a parent company acquires a 70% interest in its subsidiary for a price at $480,000 over book value. The excess is assigned as follows: Asset Fair Value Useful Life Patent $320,000 8 years Goodwill 160,000 Indefinite 70% of the goodwill is allocated to the parent. Included in the attached Excel spreadsheet are the pre-consolidation financial statements for both the parent and the subsidiary. ACT470-Portfolio-Option 1 Consolidation Entries Parent Subsidiary Dr Cr Consolidated Income Statement: Sales 6,000,000 2,000,000 0 Cost of Goods sold (4,000,000) (1,200,000) 0 Gross profit 2,000,000 800,000 0 Income (loss) from subsidiary 112,000 0 Operating expenses (1,500,000) (600,000) 0 Net Income 612,000 200,000 0 Consolidated NI attrib to NCI 0 Consolidated NI attrib to CI 0 Statement of Ret Earnings: BOY retained earnings 1,978,000 970,000 0 Net income 612,000 200,000 0 Dividends (190,000) (100,000) 0 EOY retained earnings 2,400,000 1,070,000 0 Balance Sheet: Cash 200,000 120,000 0 Accounts receivable 600,000 400,000 0 Inventory 800,000 880,000 0 Equity investment 1,400,000 0 PPE, net 2,000,000 1,200,000 0 Patent 320,000 0 Goodwill 480,000 0 5,800,000 2,600,000 0 Current liabilities 500,000 200,000 0 Long-term liabilities 1,100,000 600,000 0 Common stock 600,000 280,000 0 APIC 400,000 450,000 0 Retained earnings 2,400,000 1,070,000 0 Noncontrolling interest 0 5,000,000 2,600,000 0 0 0

I need the Excel formula used and not just the numbers.Please.

The answers are below but need to know how to get the calculation

Consolidation Entries Parent Subsidiary Cr. Consolidated Income Statement: Sales 8,000,000 Cost of Goods sold 6,000,000 -4,000,000 2,000,000 2,000,000 -1,200,000 800,000 -5,200,000 Gross profit 2,800,000 112,000 112,000 Income (loss) from subsidiary Operating expenses [D] | 40,000 -2,140,000 -1,500,000 612,000 -600,000 200,000 Net Income 660,000 Consolidated Nl attrib to NCI [C] 48,000 -48,000 Consolidated Nl attrib to CI 612,000 Statement of Ret Earnings: BOY retained earnings 1,978,000 970,000 [E] 970,000 1,978,000 Net income 612,000 200,000 612,000 Dividends -190,000 -100,000 [C] 100,000 -190,000 EOY retained earnings 2,400,000 1,070,000 2,400,000 Dalalle JulCel. Cash 200,000 120,000 320,000 Accounts receivable 600,000 400,000 1,000,000 Inventory 800,000 880,000 1,680,000 0 Equity investment 1,400,000 [C] 42,000 [E] 1,190,000 [A] 168,000 PPE, net 2,000,000 1,200,000 3,200,000 Patent [D] 40,000 40,000 80,000 160,000 Goodwill [A] 160,000 $5,000,000 $2,600,000 $6,400,000 Current liabilities 500,000 200,000 700,000 Long-term liabilities 1,100,000 600,000 1,700,000 Common stock 600,000 280,000 [E] 280,000 600,000 APIC 400,000 450,000 [E] 450,000 400,000 Retained earnings 2,400,000 1,070,000 2,400,000 Noncontrolling interest IGI 18 000 600.000 Retained earnings 2,400,000 1,070,000 2,400,000 Noncontrolling interest [C] 18,000 600.000 510,000 [A] 72,000 $5,000,000 $2,600,000 $2,140,000 $2,140,000 $6,400,000

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