Fill in the blank each requirement. Make consolidated financial statement and make T$-$account for requirement A and B$.$

Consolidated Worksheet at End of the Second Year of Ownership $($Equity Method$)$

On January $1,2020,$ Peter Corporation acquired $75$ percent of Student Company's net identifiable assets, at underlying book value. The fair value of the noncontrolling interest was equal to $25$ percent of the book value of Sub at that date. Peter 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:

$\backslash$table$[[$Item$,$Parent Corporation,Sub Company$],[$Debit$,$Credit,Debit,Credit$],[$Current Assets,$$413,333,,$$$327,500,],[$Depreciable Assets,$2,000,000,,750,000,],[$Investment in Sub,$538,125,,,],[$Cost of Goods Sold,$1,750,000,,800000,],[$Depreciation Expense,$133,333,,62,500,],[$Other Expenses,$750,000,,100,000,],[$Dividends Declared,$10,000,,10,000,],[$Accumulated Depreciation,,$$666,667,,$$$250,000],[$Current Liabilities,,$75,000,,20,000],[$Long$-$Term Debt,,$250,000,,90,000],[$Common Stock,,$200,000,,90,000],[$Retained Earnings,,$1,000,000,,100,000],[$Sales$,,3,000,000,,1,500,000],[$Income from Standard Co$.,,403,125,,],[$Total$,$$$5,594,791,$$$5,594,792,$$$2,050,000,$$$2,050,000]]$

Required:

Give all equity method entries required on December $31,2022,$ to prepare consolidated financial statements.

Give all consolidating entries required on December $31,2022,$ to prepare consolidated financial statements.

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. Requirement $2$: Give all consolidating entries required on December $31,2022,$ to prepare consolidated financial statements. Requirement $3$: Prepare a three$-$part consolidation worksheet as of December $31,2022.$

ELMINATING ENTRIES

$\backslash$table$[[,$Parent,Student,DR$,\backslash$bar $($ CR $),$Consol$],[$Income Statement$],[$Sales$,3,000,000,1,500,000,,,],[$Less: Cost of Goods Sold,$(1,750,000),(800,000),,,],[$Less: Depreciation Expense,$(750,000),(100,000),,,],[$Less: Other Expenses,$(133,333),(62,500),,,],[$Income from Subsidiary,$403,125,,,,],[$Consolidated Net Income$],[$Income to NCI$],[$Income Attriubtable to the Controlling Interest$],[$Statement of Retained Earnings$],[$Retained Earnings, Jan $1,1,000,000,100,000,,,],[$Net Income $($above$)],[$Less: Dividends Declared,$(10,000),(10,000),,,],[$Retained Earnings, Dec. $31],[$Balance Sheet$],[$Cash$,413,333,327,500,,,],[$Depreciable Assets,$2,000,000,750,000,,,],[$Less: Accumulated Depreciation,$(666,667),(250,000),,,],[$Investment in S$],[$Total Assets$],[,,,,,],[$Current Liabilities,$75,000,20,000,,,],[$Long$-$Term Debt,$250,000,90,000,,,],[$Common Stock,$200,000,90,000,,,],[$Retained Earnings$],[$NCI$],[$Total Liabilities and Equity,,,,,$]]$ Fill in the blank. Make Financial statement and make T$-$account.