01 Ch 5 i Saved Proud Corporation acquired 80 percent of Spirited Company's voting stock on January 1, 20X3, at underlying book value. The fair value of the noncontrolling interest was equal to 20 percent of the book value of Spirited at that date. Assume that the accumulated depreciation on depreciable assets was $48,000 on the acquisition date. Proud uses the equity method in accounting for its ownership of Spirited. On December 31, 20X4, the trial balances of the two companies are as follows: Item Current Assets Depreciable Assets Investment in Spirited Company Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Spirited Company Proud Corporation Debit $ 245,000 511,000 136,480 Credit Spirited Company Debit Credit $ 167,000 311,000 22,000 150,000 51,000 $ 192,000 63,000 12,000 83,000 25,400 138,080 184,000 268,000 232,000 38,400 $ 1,115,480 $ 1,115,480 $ 598,400 $ 72,000 43,000 192,400 89,000 59,000 143,000 $ 598,400 Required: a. Prepare all consolidation entries required on December 31, 20X4, to prepare consolidated financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. view transaction list Consolidation Worksheet Entries < A B < Prev 3 of 3 Next Help Save & Exit Sun Check my wom