1) Prepare the “schedule” that allocates the purchase price and determines the amount of Goodwill, if any. (6 points)2) Prepare all the consolidation worksheet adjustment entries for 2017, including any supporting schedules as necessary. (52 pts for entries) as follows:• S, A, I, D, E entries (16 points)• P, G, *G, TI entries (12 points)• *TA, ED entries (10 points)• Bonds entry (8 points)• *C entry (6 points)• Supporting schedules should include:i. the calculation of the non-controlling interest in the income of Smith (6 points)ii. the non-controlling interest in the assets of Smith (4 points)iii. schedule supporting the Bond calculations for entry B (6 points)iv. schedule supporting the gross profit in inventory elimination (6 points)v. and the support for the *C entry (4 points)3) Prepare a consolidation worksheet that includes the proper posting of the worksheet entries. (16 pts for correct worksheet)4) Additional information:• Income in 2016 reported by Smith was $262,000;• Dividends paid in 2016 by Smith was $42,000.Note: Your final submission will be the Excel worksheet which will contain all the data / support necessary to reach a final consolidation worksheet. Many of the points are associated with the correct calculation (and display of the calculations) for the required journal entries. It is not enough to simply have a final worksheet with the correct values, but no calculations or linking of those calculations into the journal entries and then the journal entries posted by referencing the correct journal entry cells of data.
