Consolidation Worksheet Entries Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits. Proud Corporation acquired 80 percent of Splrited Company's voting stock on January 1, 20X3, at underlylng book value. The falr value of the noncontrolling Interest was equal to 20 percent of the book value of Spirited at that date. Assume that the accumulated depreclation on depreclable assets was $60,000 on the acquisition date. Proud uses the equity method In accounting for Its ownership of Spirited. On December 31, 20X4, the trlal balances of the two companles are as follows: Requlred: a. Prepare all consolidation entrles required on December 31,204, to prepare consolidated financlal statements. Note: If no entry is requlred for a transaction/event, select "No journal entry requlred" In the first account fleld. Consolidation Worksheet Entries b. Prepare a three-part consolidation worksheet as of December 31,204. Values In the first two columns (the "parent" and "subsidlary" balances) that are to be deducted should be Indicated with a minus sign, while all values In the "Consolldation Entrles" columns should be entered as positlve values. For accounts where multiple adjusting entrles are required, combine all debit entrles Into one amount and enter this amount in the debit column of the worksheet. SImllarly, comblne all credit entrles Into one amount and enter thls amount in the credit column of the worksheet. repare all consolidation entries that would appear in a consolidation worksheet for Pop Company and its subsidiary prepared mmediately following the combination. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits