Extracted text: Question 2 On January 1, 2020, Party Corporation acquired 70 percent of Selfie Company's common stock for $84,000 cash. The fair value of the noncontrolling interest at that date was determined to be $36,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Party Co. $26,000 30,000 32,000 63,000 175,000 40,000 84,000 $450,000 Selfie Co. $15,000 22,500 Cash Accounts Receivable Inventory 18,000 44,500 Land Buildings and Equipment Less: Accumulated Depreciation Investment in Selfie Corp. 85,000 -30,000 Total Assets $155,000 Accounts Payable $90,000 120,000 150,000 $35,000 25,000 40,000 55,000 $155,000 Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity 90,000 $450,000 At the date of the business combination, the book values of Selfie's net assets and liabilities approximated fair value except for inventory, which had a fair value of $21,500, and building and equipment, which had a fair value of $55,000. Required: A) Prepare the equlty method entries on Party's books for the acquisition of Selfie on January 1, 2020. B) Give the basic consolidation entry. C) Give excess value (differential) reclassification entries at the date of acquisition. D) Give accumulated depreciation consolidation entry. E) What is the balance of Inventory in the consolidated balance sheet as of January 1, 2020., c) $50,000 a) $18,000 b) $21,500 d) $53,500 e) None F) What is the balance of Common stock in the consolidated balance sheet as of January 1, 2020. d) S190,000 e) None b) $40,000 b) s90,000 $150,000 G) What is the amount of total assets in the consolidated balonce sheet os of Jonuary L 2020. ) 5510,000 d) 5605,000 e) None c) $594,000 b) $546,000