Consolidation Case for Extra Credit Due November 5, 2023 Upload on Canvas by 11:59 pm This case study involves consolidation of less-than-wholly-owned subsidiary acquired at more than book value. Ponzi Company acquired 80% ownership of Scheme Co. on January 1, 2023, for $173,000. On that date, Scheme reported net assets with a book value of $150,000. The book value and fair value of Scheme's assets and liabilities were equal except for Buildings and Equipment, which were worth $41,250 more than the book value. Accumulated depreciation on Buildings and Equipment was $60,000 on the acquisition date. Scheme's depreciable assets had an estimated economic life of 11 years on the date of combination. Goodwill of $25,000 was recorded during consolidation immediately after acquisition. Ponzi uses the equity method in accounting for its investment in Scheme. An analysis of receivables and payables reveals that Scheme owed Ponzi $16,000 on December 31,2023 The trial balances for Ponzi and Scheme on December 31, 2023 are provided on the next page. Accounts are listed in the order of balance sheet accounts followed by income statement accounts. Required: a. Give ALL journal entries Ponzi's books with regard to its investment in Scheme during 2023. b. Give ALL consolidation entries needed to prepare a full set on consolidated financial statement for 2023. c. Prepare a three-part consolidation worksheet (using Excel) for 2023 in good form. d. Prepare consolidated Income Statement, Statement of Retained Earnings, and Balance Sheet for 2023. Trial Balance as of December 31, 2023