The first part is a scenario covering the topic of consolidated financial statements. The second part is the preparation of a consolidated financial statement. You will submit both parts separately.A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some time, the employee seeks assistance in gaining a better overall understanding of the way in which the consolidation process works. You have been asked to provide assistance in explaining the consolidation process. The employee is asking you to respond to the following questions. Please provide full explanations and use examples to support your work.Your responses should be complete, cite appropriate examples, well written, and in conformity with APA formatting requirementsUsing the data in theÿattached spreadsheet, Template8, perform the accounting required for the acquisition of Little, Inc. by Big, Inc. Within the worksheet, you are to:Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.Make sure to label your answers and provide support where needed. Your responses should be complete, well written, and in conformity with APA formatting requirements.