E4-23 Consolidation Worksheet for Subsidiary LO 4-5 Polka Corporation acquired 100 percent of Song Company's voting stock on January 1, 20x4, at underlying book value. Polka uses the equity method in accounting for its ownership of Song. On December 31, 20X4, the trial balonces of the two companies are as follows: Song Company Debit Credit $152,000 312,000 13,000 30,000 31.000 Item Current Assets Depreciable sets Investiment in Song Company Depreciation Trpente Other penses bividends Declared Anemilated Depreciation Current Liabilities Long-Term Der Connon stock Notatne Tarning Sale Income from Song Company Polka Corporation Debit Credit $ 240,000 516,000 220,000 23.000 152.000 52.000 $ 193,000 66.000 92,000 103,000 413,000 213,000 51.000 51.211,000 $1,211,000 $70,000 46.000 112,000 05.000 123,000 5583,000 $588,000 Required Prepare all consolidation entries required on December 31, 20X4. to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction lit view transaction list Consolidation Worksheet Entries -K