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c. Prepare a consolidated balance sheet, Income statement, and retained earnings statement for 20X3, (Amounts to be deducted should be indicated with a minus sign.) PROUD CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X3 Assets Total Assets $ 0 Liabilities Stockholders' Equity: Controlling Interest Total Controlling Interest Total Stockholder's equity Total Liabilities and Stockholders' Equity $ 0PROUD CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X3 Consolidation Entries Proud Corp. Spirited Co. DR CR Consolidated Income Statement Sale Loss: Depreciation expense Less: Other expenses Income from Spirited Co. Consolidated Net Income $ D S D S 0 $ 0 $ NCI in Net income Controlling Interest in Net Income $ O S 0 S 0 $ 0 $ Statement of Retained Earnings Beginning balance Net income D D 0 Less; Dividends declared Ending Balance $ O S D S 0 $ 0 $ Balance Sheet Current assets Depreciable assets Less: Accumulated depreciation Investment in Spirited Co. Total Assets $ D S 0 $ 0 $ Liabilities and Equity Current liabilities Long-lerm debt Common stock Retained earnings D D NCI in NA of Spirited Co. Total Liabilities and Equity $ o S O S 0 $ 0 $PROUD CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X3 Total expenses solidated net income Income to controlling interest $ 0 PROUD CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X3 Retained Earnings, January 1, 20X3 Income to Controlling Interest, 20X3 $ 0 Dividends Declared, 20X3 Retained Earnings, December 31, 20X3Proud 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 during 20X3. On December 31, 20X3, the trial balances of the two companies are as follows: Froud Corporation Spirited Company Item Debit credit Debit Credit Current Assets $190,900 $109,000 Depreciable Assets 511,900 309, 000 Investment in Spirited Company 108,320 Depreciation Expense 22,000 12, 000 Other Expenses 104,000 71, 000 Dividends Declared 40,900 15, 600 Accumulated Depreciation $163,000 8 60,090 Current Liabilities 48, DO0 38,000 Long-Term Debt 108 , 720 184,600 Common stock 198 , 000 82,000 Retained Earnings 228,000 32,000 Sales 200,000 120,000 Income from Spirited Company 29,600 $975, 320 $975,320 $516,600 $516 , 600 Required: a. Prepare all consolidation entries required as of December 31, 20X3, to prepare consolidated financial statements. (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 Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit CreditRequired: a. Prepare all consolidation entries required as of December 31, 20X3, to prepare consolidated financial statements. (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