#12 On January 1, 20X8, Bond Corporation acquired 80 perce ate of acquisition, the book value and fair value of Gale's net assets wru nt of Gale Company's voting stock. O . Bond uses the equity method of accounting for its ownership of Gale, and ines on the consolidaior accumulated depreciation prior to acquisition in its e worksheet limination entries on the consolidation On December 31, 20x8, the trial balances of the two companie s are as follows: Bond Corporation Debit Gale Company Debit Item Credit Credit $127,000 428,000 Current Assets $538,000 950,000 298,400 185,000 550,000 300,000 Depreciable Assets Investment in Gale Co. Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt 12,000 62,000 40,000 284,000 250,000 220,000 328,600 750,000 860,000 128,800 $2,821.400 $2,821400 50,000 105,000 27,000 133,000 119,000 235,000 Common Stock Retained Earnings Sales Income from Gale Co nt did Bond Corporation pay for its investment in Gale Company on January 1, 20X8? b) Prepare the elimination entries required to prepare the consolidated financial statements as of December 31, 20X8 lidated financial statements as of December 31, 20X8 for retained earnings. d) Determine the amount reported on the consolidated financial statements as of December 31, 20X8 for depreciable assets