Consolidated Worksheet at End of the Second Year of Ownership (Equity Method) On January 1, 2020, Parent Corporation acquired 80 percent of Sub Company's net identifiable assets, at underlying book value. The fair value of the noncontrolling interest was equal to 20 percent of the book value of Sub at that date. Parent uses the equity method in accounting for its ownership of Sub. On December 31 , 2022 , the trial balances of the two companies are as follows: Required: 1) Give all equity method entries required on December 31, 2022, to prepare consolidated financial statements. 2) Give all consolidating entries required on December 31, 2022, to prepare consolidated financial statements. 3) Prepare a three-part consolidation worksheet as of December 31,2022. Requirement 1: Give all equity method entries required on December 31, 2022, to prepare consolidated financial statements. Investment in Sub NCI Common Stock Income from sub Income to NCI Retained Earnings atements. ELIMINATING ENTRIES Consolidated Worksheet at End of the Second Year of Ownership (Equity Method) On January 1, 2020, Parent Corporation acquired 80 percent of Sub Company's net identifiable assets, at underlying book value. The fair value of the noncontrolling interest was equal to 20 percent of the book value of Sub at that date. Parent uses the equity method in accounting for its ownership of Sub. On December 31 , 2022 , the trial balances of the two companies are as follows: Required: 1) Give all equity method entries required on December 31, 2022, to prepare consolidated financial statements. 2) Give all consolidating entries required on December 31, 2022, to prepare consolidated financial statements. 3) Prepare a three-part consolidation worksheet as of December 31,2022. Requirement 1: Give all equity method entries required on December 31, 2022, to prepare consolidated financial statements. Investment in Sub NCI Common Stock Income from sub Income to NCI Retained Earnings atements. ELIMINATING ENTRIES