J Corporation acquired 100 percent of S Company on January 1, 20X5, for $350,000. Following are selected account balances from J Corporation and S Company as of December 31, 20X5:

Additional Information:

• On January 1, 20X5 the fair market value of S's assets equaled their book value with the exception of Plant Assets (with an estimated economic life of six years), which had a fair market value in excess in S's depreciable assets of $33,000.
• J used the equity method in accounting for its investment in S.
• Detailed analysis of receivables and payables showed that S owed J $10,000 on December 31, 20X5.

Required:

1. Give all journal entries recorded by J with regard to its investment in S during 20X5.
2. Give all consolidating entries needed to prepare a full set of consolidated financial statements for 20X5.
3. Prepare a three-part consolidation worksheet as of December 31, 20X5.

Thank you

here is the photo Thank you

Photo (10 of 10) P Company Q Company Credit Debit Credit Debit 145,000 Current Assets $ 225,500 Depreciable 300,000 225,000 Assets 144,000 Investment in S Depreciation 30,000 25,000 Other Expenses 180,00o 85,000 Dividends 40,000 10,000 Declared Accumulated 150,000 $100,000 Depreciation Current 45,000 20,000 iabilities Long-Term Debt 75,000 90,000 Common Stock 100,000 75,000 Retained 282,500 80,000 Earnings Sales 253,500 125,000 Income from s 13,500 $ 919,500 $ 919,500 490,000 S 490,000 Photo (10 of 10) P Company Q Company Credit Debit Credit Debit 145,000 Current Assets $ 225,500 Depreciable 300,000 225,000 Assets 144,000 Investment in S Depreciation 30,000 25,000 Other Expenses 180,00o 85,000 Dividends 40,000 10,000 Declared Accumulated 150,000 $100,000 Depreciation Current 45,000 20,000 iabilities Long-Term Debt 75,000 90,000 Common Stock 100,000 75,000 Retained 282,500 80,000 Earnings Sales 253,500 125,000 Income from s 13,500 $ 919,500 $ 919,500 490,000 S 490,000