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, 20X3, are as follows:

Required
a. Give all elimination entries required on December 31, 20X3, to prepare consolidated financial statements.
b. Prepare a three-part consolidation worksheet as of December 31,20X3.

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Blake Corporation Shaw Corporation Credit tem Debit Credit $145,000 $105,000 225,000 Current Assets Depreciable Assets (net) Investment in Shaw Corporation Stock Depreciation Expense Other Expenses Dividends Declared Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Subsidiary 325,000 170,000 25,000 105,000 40,000 15,000 75,000 10,000 $ 50,000 100,000 200,000 230,000 200,000 30,000 S 40,000 120,000 100,000 50,000 120,000 $810,000 $810,000 $430,000 $430,000