I need to provide consolidation entries and a consolidated financial statement for the following problem: Prince Corporation holds 75 percent of the common stock of Sword Distributors Inc., purchased on December 31, 20X1, for $2,160,000. At the date of acquisition, Sword reported common stock with a par value of $920,000, additional paid-in capital of $1,270,000, and retained earnings of $550,000. The fair value of the noncontrolling interest at acquisition was $720,000. The differential at acquisition was attributable to the following items: Inventory (sold in 20X2)$35,000 Land 49,000 Goodwill 56,000 Total Differential$140,000 During 20X2, Prince sold a plot of land that it had purchased several years before to Sword at a gain of $19,600; Sword continues to hold the land. In 20X6, Prince and Sword entered into a five-year contract under which Prince provides management consulting services to Sword on a continuing basis; Sword pays Prince a fixed fee of $84,000 per year for these services. At December 31, 20X8, Sword owed Prince $21,000 as the final 20X8 quarterly payment under the contract. On January 2, 20X8, Prince paid $280,000 to Sword to purchase equipment that Sword was then carrying at $320,000. Sword had purchased that equipment on December 27, 20X2, for $480,000. The equipment is expected to have a total 15-year life and no salvage value. The amount of the differential assigned to goodwill has not been impaired. At December 31, 20X8, trial balances for Prince and Sword appeared as follows: Prince Corporation Sword Distributors Inc.ItemDebitCredit DebitCreditCash $54,700 $42,000 Current Receivables 108,800 96,400 Inventory 300,000 237,900 Investment in Sword Distributors 2,810,900 Land 404,000 1,217,000 Buildings & Equipment 2,420,000 3,060,000 Cost of Goods Sold 2,186,000 510,000 Depreciation & Amortization 202,000 84,000 Other Expenses 1,363,000 226,000 Dividends Declared 50,000 20,000 Accumulated Depreciation $1,102,000 $405,000 Current Payables 92,200 417,300 Bonds Payable 945,000 198,000 Common Stock 86,000 920,000 Additional Paid-in Capital 1,265,000 1,270,000 Retained Earnings, January 1 1,470,800 1,320,000 Sales 4,705,150 993,000 Other Income or Loss 99,000 30,000 Income from Sword Distributors 134,250 Total $9,899,400 $9,899,400 $5,523,300 $5,523,300 As of December 31, 20X8, Sword had declared but not yet paid its fourth-quarter dividend of $5,000. Both companies use straight-line depreciation and amortization. Prince uses the fully adjusted equity method to account for its investment in Sword.

This is an open task and there is no fixed answer. This task requires you to start a business or sell a class of products. You will receive an excel form with a list of assumptions about your income and expenditure. Complete these blank fields and answer five questions based on the data obtained.- Describe your business idea:- What are your revenue assumptions?- What are your major expense assumptions?- Did you need to make adjustments to the cash flow section? How much of an investment would be needed to make the idea viable?-Review the Gross Profit Margin and Net Profit (Loss) Margin for the 1st year and projection years. Does the idea appear viable?