Continuing in time from Part 1: Portland found that a $10,000 impairment of goodwill took place during 20X2. At the end of 20X2, Portland owed Spokane $25,000, and Spokane owed Portland $45,000. Here the trial balance data for Portland and Spokane on December 31, 20X2:

__Portland Spokane__

Debits:

Cash$ 290,000$ 100,000

Accounts Receivable 210,000 190,000

Inventory 400,000 50,000

Land 300,000 100,000

Buildings & Equipment-Net 1,100,000 330,000

Copyrights 0 40,000

Investment in Spokane 756,000 0

Cost of Goods Sold 550,000 220,000

Depreciation Expense 130,000 45,000

Other Expenses 20,000 35,000

Dividends Declared 100,000 50,000

$3,856,000 $1,160,000

Credits:

Accounts Payable $ 300,000$ 90,000

Bonds Payable 1,200,000 20,000

Common Stock 1,000,000 400,000

Additional Paid in Capital - 50,000

Retained Earnings, Jan. 1 350,000 150,000

Sales 910,000 450,000

Income from Subsidiary 96,000 0

$3,856,000 $1,160,000

Required: A. Prepare the journal entries Portland made during 20X2 related to its investment in Spokane. B. Prepare the consolidation/eliminating entries needed to consolidate the two companies at the end of 20X2. C. Prepare the consolidation working paper for December 31, 2022. Put required CEs/EEs in their proper columns. Use a coding system.