I have the following and I just want to see if there are any errors and if there are, I want to be able to understand them.

1.On January 1, 20X9, Zigma Company acquired 80 percent of Standard Company's common shares at underlying book value (Purchase Price $80K). Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are on the next page.

Required:

1. Prepare the eliminating entries needed as of December 31, 20X9, and complete the worksheet.

Hint: It may be helpful but not required to reconcile "Income from Standard" and "Investment in Standard" Accounts through the equity adjustments.

Eliminations Zigma Standard Debit Credit Consolidated Income Statement Sales 200,000 162,000 362000 Other Expenses (90,000) (70,000) (160,000) Depreciation (30,000) (17,000) (47,000) Income from Standard 60,000 60,000 Consolidated Net Income 140,000 75,000 60,000 155000 NCI Net Income 15,000 (15,000) Controlling Net Income 140,000 75,000 75,000 140,000 Statement of Retained Earnings Beginning RE 175,000 35,000 35,000 175,000 Net Income 140,000 75,000 75,000 140,000 Less Dividends Declared (32,000) (25,000] 25,000 (32,000) Ending Retained Earnings 283,000 85,000 110,000 25,000 283,000 Balance Sheet Current Assets 253,000 145,000 398,000 Depreicable Assets 300,000 170,000 58,000 412,000 Accumulated Depreciation (120,000) (85,000) 58,000 (147,000) Investment in Standard 120,000 120,000 Total Assets 653,000 230,000 58,000 178,000 563,000 Current Liabilities 50,000 30,000 80,000 Long Term Liabilities 120,000 50,000 170,000 Common Stock 100,000 65,000 65,000 100,000 Retained Earnings 283,000 85,000 105,000 25,000 283,000 NCI Share of Assets 30,000 30000 Total Liabilities and Equity 553,000 230,000 170,000 55,000 563,000Eliminating Entries Retained Earnings 35,000 Income from Standard 60,000 Common Stock 65,000 NCI income 15,000 Dividend 25,000 Investment in Standard 120,000 NCI Share of Assets 30,000 Accumulated Depreciation 58,000 Depreciable Assets 58,000 NCI CI Common Stock Retained Earnings Beginning 20,000 80,000 65,000 35,000 Add: Income 15,000 60,000 75,000 Less: Dividends (5,000) (20,000] (25,000) Ending 30,000 120,000 115,000 35,000