REFERENCE: Ref.03_15 Utah Inc.obtained All of the Outstanding Common Stock of Trimmer

Essay

REFERENCE: Ref.03_15
Utah Inc.obtained all of the outstanding common stock of Trimmer Corp.on January 1,2009.At that date,Trimmer owned only three assets and had no liabilities:
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-On January 1,2009,Rand Corp.issued shares of its common stock for all of the outstanding common stock of Spaulding Inc.This combination was accounted for as a purchase.Spaulding's book value was only $140,000 at the time,but Rand issued 12,000 shares having a par value of $1 per share and a fair value of $20 per share.Rand was willing to convey these shares because it felt that buildings (ten-year life)were undervalued on Spaulding's records by $60,000 while equipment (five-year life)was undervalued by $25,000.Any excess cost over fair value is assigned to goodwill.
Following are the individual financial records for these two companies for the year ended December 31,2009.

Required:
Prepare a consolidation worksheet for this business combination.