On December 31, 20X7, Randall Corporation recorded the following entry on its books to adjust from the basic equity method to the fully adjusted equity method for its investment in Sharp Company stock:

\section*{Required}

a. Adjust the data reported by Randall Corporation in the trial balance contained in Problem 7-35 for the effects of the adjusting entry presented above.

b. Prepare the journal entries that would have been recorded on the books of Randall Corporation during \(20 \times 7\) under the fully adjusted equity method.

c. Prepare all eliminating entries needed to complete a consolidation workpaper at December 31, 20X7, assuming Randall has used the fully adjusted equity method.

d. Complete a three-part consolidation workpaper as of December 31, 20X7.

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Retained Earnings Income from Subsidiary Investment in Sharp Company Stock 25.900 100 26,000