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Prime Corporation acquired 80 percent of Steak Company's voting shares on January 1, 20X4, for $302.720 in cash and marketable securities. At that date, the noncontrolling interest had a fair value of $75,680 and Steak reported net assets of $328.400. Assume Prime uses the fully adjusted equity method. Trial balances for the two companies on December 31, 20X7, are as follows: Prime Corporation Item Steak Company Cash Debit Credit Debit Credit Accounts Receivable $ 137,500 $ 17,00 Inventory 87.000 77.000 177.000 Buildings & Equipment 117,000 Investment in Steak Company 670,000 470,000 314.80 Cost of Goods Sold 423,600 209.000 Depreciation Expense 30.000 20.000 Other Expenses 31.000 25,000 Dividends Declared 57,600 32.000 Accumulated Depreciation $317.600 5106,000 Accounts Payable 107.000 22,200 Bonds Payable 370,000 170,000 Bond Premium Common Stock 207.000 107.000 Additional Paid-in Capital 16,000 Retained Earnings 354,720 239,400 Sales 514.000 265.000 Other Inc 22,400 37.000 Income froe Steak Company 30.660 51,927,700 Total $1,927,760 1967.000 5967,000 4.40 Additional Information 1. The full amount of the differential at acquisition was assigned to buildings and equipment with a remaining 10 year economic se 2. Prime and Steak regularly purchase inventory from each other During 20x6 Steak Company sold inventory costing 532.500 to Prime Corporation for $50,000, and Prime resold 60 percent of the inventory in 20x6 and 40 percent in 20x7. Also in 20X6. Prime sold inventory costing $22.500 to Steak for $30,000. Steak resold two-thirds of the inventory in 20x6 and one-third in 20X7 3. During 20x7. Steak sold inventory costing $27.300 to Prime for $42.000, and Prime sold items purchased for $12,000 to Steak for $16,000. Before the end of the year, Prime resold one-third of the inventory it purchased from Steak in 20X7 Steak continues to ed He Additional Information 1. The full amount of the differential at acquisition was assigned to buildings and equipment with a remaining 10 year economic life. 2. Prime and Steak regularly purchase inventory from each other. During 20X6, Steak Company sold inventory costing $32.500 to Prime Corporation for $50,000, and Prime resold 60 percent of the inventory in 20x6 and 40 percent in 20x7. Also in 2026. Prime sold inventory costing $22,500 to Steak for $30,000 Steak resold two-thirds of the inventory in 20X6 and one-third in 20x7 3. During 20X7, Steak sold inventory costing $27,300 to Prime for $42,000, and Prime sold items purchased for $12,000 to Steak for $16,000. Before the end of the year, Prime resold one-third of the inventory it purchased from Steak in 20x7 Steak continues to hold all the units purchased from Prime during 20X7 4. Steak owes Prime $12,000 on account on December 31, 20X7 5. Assume that both companies use straight-line depreciation and that no property, plant, and equipment has been purchased since the acquisition On December 31, 20X7 Prime Corporation recorded the following entry on its books to adjust from the fully adjusted equity method to the modified equity method for its investment in Steak Company stock General Journal Debit Investment in Steak Company Stock 11,640 Retained Earnings 0.100 Income from Steak Company 3,740 Credit Required: a. Show the effects of the data which is reported by Prime in the trial balance for the preceding adjusting entry PRIME CORPORATION Debit Credit STEAK COMPANY Det Credit Item Cash Accounts receivable Inventory Buildings and equipment Required: a. Show the effects of the data which is reported by Prime in the trial balance for the preceding adjusting entry PRIME CORPORATION Debi STEAK COMPANY Dobilt Cash Accounts receivable Inventory Buildings and equipment Investment in Steak Company Cost of goods sold Depreciation expense Other expenses Dividends declared Accumulated depreciation Accounts payable Bonds payable Bond premium Common stock Additional Paid in capital Retained earnings Sales Other income Income from subsidiary Total $ 05 5 05 0 b. Prepare the journal entries that would have been recorded on Prime's books during 20x7 under the modified equity method entry is required for a transaction/event, select "No journal entry required" in the first account field.) no View transaction list Journal entry worksheet A > Record Prime Corp's 80% share of Steak Co.'s 20x7 income. Noter Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal c. Prepare all consolidation entries needed to complete a consolidation worksheet at December 31, 20X7, assuming Prime has used the modified equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record Prime Corp's 80% share of Steak Co.'s 20x7 income. Noter Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal c. Prepare all consolidation entries needed to complete a consolidation worksheet at December 31, 20X7, assuming Prime has used the modified equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries