holds 80 percent of Suspect Company's stock acquired on January 1, 20X2 for $182,000. On the acquetmon date, Prime Company the falr value of the noncontroiling Interest was $45,500 Suspect reportod retalned earnings of $50,000 and had $100.000 of common stock outstanding Prtime uses the fully adjusted equty method in accounting for its Investment in Suspect Trial balance data for the two companies on Decomber 31, 20X6, are as folows 122,80e S 31,099 Cash & Accounts Recelvable 57,800 570,000 168, 200 11,000 158,800 Investment in Suspect Co. Cost of Goods Sold Depreciation and Amortization Expense Other Expenses 78, 200 15,000 5,880 5,000 ,000 s 233,700 53,000 15e,e00 s 45,00 Accounts Payable Bonds Payable 16,800 5e,000 1ee,eee 53,260 176,690 Retained Earning Sales Gain on Sale of Equipment Incone from Suspect Co. Total 290,60 14,5e0 1,476,270 $1,476, 270 $434,280 $434,288 1t At the date of combination, the book values and fair values of all separately identfiable assets and liabities of Suspect were the same. At December 31. 20X6, the management of Prime revlewed the amount attributed to goodwll as a nasult of its purchase of Suspect stock and concluded an impairment loss of $20,475 should be recognized In 20x6 and shared proportionately between the controlling and noncontrolling shareholders 2 On January 1, 20X5, Suspect sold land that had cost $9.000 to Prime for $20.250 3 On January 1. 20X6, Pime sold to Suspect equipment that t had purchased for $82,500 on January 1,20X1 The equipment has a total economic ife of 15 years and was sold to Suspect for $69,500 Both companies use 4 There was $4,500 of straight-ine depreciation Intsercompany receivables and payables on December 31.20x6 Required a Give all consolidation entnes needed t transaction /event,select No journal entry required in the first account field.) of no eniy Is required fora e here to search 0 Required aGAR all consoldaton emes needed to prepare a consoldation worksheetfor 206.0fro entry Is requred for a transaction/event, select "No Journal entry required In the first account field vew transaction Wet transaction net /A Retained earnings ncome from Suspect Co NCI in NiI of Suspect Co Dividends deddared Investment in Suspect Co NCI in NA of Suspect Co here to search b Propare a three-part worksheet for 20X6. (Values in the first two columns (the parent" and "subaidlary balances) that are to be deducted should be dKated w1th a mirns sJgn, while all valuesintheonsolidation Entries. columshould be entered as pocative values For accounts where muluple adjusting entries are requtred, combine all deblt entries Into one amount and enter tts amourt in the debit column of the worksheet Sir arty, contine alledr entries ito one amount and enter ts amount m the credit column of the worksheet) Less COGS Less Depr & Amort Expense pe here to search ncome Statement Gain on Sale of Equipment Less COGS Less: Depr. & Amort. Expense Less Other Expenses Less Goodwill Impairment Loss Income from Suspect Co. Consolidated Net Income NCI in Net Income Controlling Interest in Ni Statement of Retained Earnings Net Income Less Dividends Deciared Balance Sheet Buildings& Equipment Investment in Suspect Co Total Assets Accounts Paysble Bonds Commos Shock Reaned Earnngs Payable e here to search c Prepare a consolidated balance shoet income statement, and retained earnings statement for 20X6. Be sure to list the ascets and lablities in order of thetr liquidity Amount to be deducted should be indicated by a minus sign) Balance Sheet Assets Total Assets Total Liabiies Stockholders Equity ype here to search