Flounder purchased 100% of Sole for $325,000 on Jan 1, 2020. On that date equipment was considered undervalued by $60,00

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Flounder purchased 100% of Sole for $325,000 on Jan 1, 2020. On
that date equipment was considered undervalued by $60,000 and had a
five year half life. Other intangibles were overvalued by $10,000
and had a four year life. Book value of sole on that date was
$150,000. Goodwill accounts for the rest of the excess.
Below are the income & dividends for 2020 for Sole
Income $50,000
Dividends $10,000
A. Prepare a schedule of distribution of excess of cost/fair
value at Jan 1, 2020 and any amortization assets
B. Using the equity method, record the entries on the books of
FLounder below to reflect activity with Sole for 2020 including the
original purchase.
C. Below are the balances of the accounts for Flounder
and Sole at December 31, 2020.Prepare consolidation entries
on the worksheet and complete the consolidatied
statements.You must complete the Flounder balance sheet first.