GAGA Company and Little Bieber Company had the following balance sheets on January 1, 2015 GAGA Little BieberCash 2,000,000 40,000Inventory 1,000,000 90,000Equipment 2,000,000 500,000a/d equip (1,000,000) (200,000)total assets 4,000,000 430,000accts payable 1,000,000 20,000common stock 2,000,000 10,000retained earnings 1,000,000 400,000On January 2nd GAGA purchased 80% of Little Bieber from Little Bieber’s stockholders for $750,000. At that time Little Bieber’s equipment was worth $400,000 with all other assets and liabilities having a book value equal to their fair market value.REQUIRED; A. MAKE THE JOURNAL ENTRY GAGA MAKES WHEN IT BUYS THE 80% OF LITTLE BIEBER B. MAKE THE JOURNAL ENTRY LITTLE BIEBER MAKES WHEN 80% OF ITS STOCK IS PURCHASED BY GAGA C. MAKE A CONSOLIDATED BALANCE SHEET ON JANUARY 2ND (DON’T FORGET GAGA SPENT $750,000 ) a. MAKE THE NECESSARY ELIMINATION ENTRIES
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