Blake Corporation acquired 100 percent of Shaw Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Shaw's assets and liabilities were equal. Blake uses the equity method in accounting for its investment in Shaw. Adjusted trial balances for Blake and Shaw on December 31, 20X4, are as follows:

Required
a. Give all elimination entries required on December 31, 20X4, to prepare consolidated financial statements.
b. Prepare a three-part consolidation worksheet as of December 31,20X4.

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Blake Corporation Debit Shaw Corporation Debit Item Credit Credit $150,000 210,000 Current Assets Depreciable Assets (net) Investment in Shaw Corporation Stock Depreciation Expense Other Expenses Dividends Declarecd Current Liabilities Long-Term Debt Common Stock Retained Earnings $210,000 300,000 190,000 25,000 150,000 50,000 15,000 90,000 15,000 70,000 100,000 200,000 290,000 230,000 35,000 50,000 120,000 100,000 70,000 140,000 Income from Subsidiary $925,000 $925,000 $480,000 $480,000