Attached is a long answer consolidated journal entry problem. There are multiple parts and I'd like to be able to learn to do this problem on my own by looking at your work so please show work and label so I can follow along.

2 Problem I. (40 points). Park Corporation acquired 100 % of Safe Corporation on October 1, 2012 for $796,000. The annual excess amortization as a result the overvaluation of buildings (with a 40-year life) was calculated to be $1,200 each year, while the annual excess amortization as a result of the undervaluation of a patent was calculated to be $4,000 each year (over the next 15 years). The purchase was accounted for using the equity method. Inventory records reveal that from 2014 to 2016 the Park transferred the following inventory to Safe as follows: Period 2014 2015 2016 Cost Transfer Price $ 50,000 $ 80,000 $ 100,000 $ 80,000 $ 100,000 $ 125,000 Unsold Goods at Year-end*. $ 10,000 $ 20,000 $ 30,000 *The ending inventories are at transfer price. 1. Prepare Consolidation Worksheet Entry E at December 31, 2016: 2. The unsold goods at 12/31/15 were sold in 2016. Prepare Consolidation Worksheet Entry *G at December 31, 2016. (In order to receive credit, you must show your calculations): 3. Prepare Consolidation Worksheet Entry TI at December 31, 2016: 4. Prepare Consolidation Worksheet Entry G at December 31, 2016 (In order to receive credit, you must show your calculations): 3 Continuing with the facts above, in addition to the inventory transactions, on January 1, 2015, Park Corp. transferred equipment to Safe Corp for $100,000. The equipment had originally cost $120,000 but had accumulated depreciation of $80,000 on the date of the transfer. The equipment's remaining estimated useful life was 4 years (straight-line depreciation and $0 salvage value). 5. Prepare Consolidation Worksheet Entry TA at December 31, 2016 (In order to receive credit, you must show your calculations): 6. Prepare Consolidation Worksheet Entry ED at December 31, 2016 (In order to receive credit, you must show your calculations): 4 7. Below is a worksheet at December 31, 2016 containing only specified accounts. Using the book value totals provided below, post each of the worksheet entries for this problem for the specific accounts and total. Be sure to label your worksheet entries below: 12/31/2016 Park Corp. 12/31/2016 Safe Corp. Cost of Goods Sold 350,000 120,000 Depreciation Expense 140,000 115,000 Amortization Expense 84,000 68,000 Equipment Accumulated Depreciation-Equipment Inventory 540,000 (230,000) 216,000 285,000 (166,000) 185,000 Dr. Cr. Consolidated