For this assignment, use your Fundamentals of Advanced Accounting text to complete the following:? Problem 24 on page 194. This problem tests your ability to address several valuation and income determination questions for a business combination involving a noncontrolling interest.On January 1, Patterson Corporation acquired 80 percent of the 100,000 outstanding voting shares of Soriano, Inc., in exchange for $31.25 per share cash. The remaining 20 percent of Soriano’s shares continued to trade for $30 both before and after Patterson’s acquisition.At January 1, Soriano’s book and fair values were as follows:In addition, Patterson assigned a $600,000 value to certain unpatented technologies recently developed by Soriano. These technologies were estimated to have a three-year remaining life.During the year, Soriano declared a $30,000 dividend for its shareholders. The companies reported the following revenues and expenses from their separate operations for the year ending December 31.Patterson SorianoRevenues $3,000,000 $1,400,000Expenses 1,750,000 600,000a.What amount should Patterson recognize as the total value of the acquisition in its January 1 consolidated balance sheet?b.What valuation principle should Patterson use to report each of Soriano’s identifiable assets and liabilities in its January 1 consolidated balance sheet?c.For years subsequent to acquisition, how will Soriano’s identifiable assets and liabilities be valued in Patterson’s consolidated financial statements?d.How much goodwill resulted from Patterson’s acquisition of Soriano?e.What is the consolidated net income for the year and what amounts are allocated to the controlling and noncontrolling interests?f.What is the noncontrolling interest amount reported in the December 31 consolidated balance sheet?g.Assume instead that, based on its share prices, Soriano’s January 1 total fair value was assessed at $2,250,000. How would the reported amounts for Soriano’s net assets change on Patterson’s acquisition-date consolidated balance sheet?——————————————————————————————————————————————————————-For this assignment, use your Fundamentals of Advanced Accounting text and the Excel spreadsheet provided on the companion website (linked in Resources) to complete the following:? Problem 39 on page 203. This problem tests your ability to carry out the consolidation of account balances for a business combination using the acquisition method. In the spreadsheet, use tab P04-39 for your answers.Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $802,720 cash. At the acquisition date, Sierra’s total fair value, including the noncontrolling interest, was assessed at $1,003,400 although Sierra’s book value was only $690,000. Also, several individual items on Sierra’s financial records had fair values that differed from their book values as follows:Book ValueFair ValueLand$ 65,000u2009u2009$ 290,000u2009u2009Buildings andequipment (10-year remaining life)287,000u2009u2009263,000u2009u2009Copyright (20-year remaining life)122,000u2009u2009216,000u2009u2009Notes payable (due in 8 years)(176,000)(157,600)For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2018, for both companies.PadreSierraRevenues$(1,394,980)$u2002u2002(684,900)Cost of goods sold774,000u2009u2009432,000u2009u2009Depreciation expense274,000u2009u200911,600u2009u2009Amortization expense0u2009u20096,100u2009u2009Interest expense52,100u2009u20099,200u2009u2009Equity in income of Sierrau2002u2002u2002(177,120)u2002u2002u2002u2002u2002u2002u2002u2009u2009–0–Net income$u2002u2009u2009(472,000)$u2002u2009u2009(226,000)page 204Retained earnings, 1/1/18$(1,275,000)$u2002u2009u2009(530,000)Net income(472,000)(226,000)Dividends declaredu2002u2002u2002u2009260,000u2002u2002u2002u2002u200965,000Retained earnings, 12/31/18$(1,487,000)$u2002u2009(691,000)Current assets$u2002u2002u2009u2009856,160u2009u2009$u2002u2002u2009764,700u2009u2009Investment in Sierra927,840u2009u2009–0–u2009u2009Land360,000u2009u200965,000u2009u2009Buildings and equipment (net)909,000u2009u2009275,400u2009u2009Copyrightu2002u2002u2002u2002u2002u2002u2009u2009u2009u2009–0–u2002u2002u2002u2009115,900Total assets$ 3,053,000u2009u2009$ 1,221,000u2009u2009Accounts payable$u2002u2009u2009(275,000)$u2002u2009u2009(194,000)Notes payable(541,000)(176,000)Common stock(300,000)(100,000)Additional paid-in capital(450,000)(60,000)Retained earnings (above)u2002(1,487,000)u2002u2002u2002(691,000)Total liabilities and equities$(3,053,000)$(1,221,000)At year-end, there were no intra-entity receivables or payables.Prepare a worksheet to consolidate the financial statements of these two companies.