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Silver Corporation acquired 100 percent of Bronze Company on January 1, 20X5, for $350,000. Following are selected account balances from Silver and Bronze Corporation as of December 31, 20X5:

Additional Information:

1. On January 1, 20X5 the fair market value of Bronzes assets equaled their book value with the exception of Plant Assets (with an estimated economic life of 6 years) which had a fair market value in excess in Bronzes depreciable assets of $33,000. Goodwill has not been impaired

2. Silver used the equity-method in accounting for its investment in Bronze.

3. Detailed analysis of receivables and payables showed that Bronze owed Silver $10,000 on December 31, 20X5.

Required:

a. Give all the entries Silver needed to record on its books for the investment in Bronze using the equity method.

a. Give all consolidating entries needed to prepare a full set of consolidated financial statements for 20X5.

b. Use the EXCEL spreadsheet on found on the following tab to prepare a three-part consolidation worksheet as of December 31, 20X5.

		Total	=	Plant Assets	+	Acc Depr	+	Goodwill
Beginning Balance
Changes
Ending balance
		Investment in						Income From
		Roller Co.						Roller Co.

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