The trial balances for Blake Corporation and Shaw Corporation as of December 31, 20X4, are as follows:

Blake purchased 100 percent ownership of Shaw Corporation on January 1, 20X3, at a cost of \(\$ 150,000\). Shaw reported \(\$ 50,000\) of retained eamings at acquisition. Blake uses the cost method in accounting for its investment in Shaw Corporation.
\section*{Required}

a. Give all eliminating entries required to prepare a full set of consolidated statements for 20X4.

b. Prepare a three-part consolidation workpaper in good form as of December 31, 20X4.

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Blake Corporation Item Debit Credit Debit Shaw Corporation Credit Current Assets $170,000 $110,000 Depreciable Assets (net) 300.000 210,000 Investment in Shaw Corporation Stock 150,000 Depreciation Expense 25.000 15.000 Other Expenses 250,000 160,000 Dividends Declared 20,000 15.000 Current Liabilities $ 30,000 $ 20,000 Long-Term Debt Common Stock Retained Earnings 100.000 120.000 200,000 100,000 270,000 70.000 Sales 300,000 200,000 Dividend Income 15.000 $915.000 $915,000 $510,000 $510.000