$(20$ pts$)$ Flounder purchased $100\%$ of Sole for $$325,000$ on Jan $1,2021.$ On that date,

Equipment was considered undervalued by $$60,000$ and had a five year life, and

Other Intangibles were overvalued by $$10,000$ and had a four year life.

Book Value of Sole on that date was $$150,000.$ Goodwill accounts for the rest of the excess.

Below are the income and dividends for $2021$ for Sole as reported by Sole:

c$.$ Below are the balances of the accounts for Flounder and Sole at December $31,2021.$

Prepare consolidation entries on the worksheet and complete the consolidatied statements.

You must complete the Flounder balance sheet first.