Journal entry worksheet Record Proxy Corporation's 75\% share of the amortization of the excess acquisition price. Note: Enter debits before credits. Server Corporation is a majorlty-owned subsidlary of Proxy Corporation. Proxy acquired 75 percent ownership on January 1, 20X3, for $133,500. At that date, Server reported common stock outstanding of $60,000 and retalned earnings of $90,000, and the falr value of the noncontrolling Interest was $44,500. The differentlal is assigned to equipment, which had a falr value $28,000 more than book value and a remaining economic life of seven years at the date of the business combination. Server reported net Income of $30,000 and pald dividends of $12,000 in 203. Required: a. Prepare the Journal entrles recorded by Proxy during 203 on Its books If It accounts for Its investment in Server using the equlty method. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Journal entry worksheet D Record the initial investment in Server Corporation Note: Enter debits before credits. Journal entry worksheet Record Proxy Corp.'s 75\% share of Server Corporation's 203 dividend. Note: Enter debits before credits. Journal entry worksheet Record Proxy Corporation's 75\% share of Server Corporation's 203 income. Note: Enter debits before credits. b. Prepare the consolidation entrles needed at December 31,203, to prepare consolidated financial statements. Note: If no entry is requlred for a transaction/event, select "No journal entry required" In the flist account fleld. Consolidation Worksheet Entries Record the amortized excess value reclassification entry. Note: Enter debits before credits. . Prepare the consolidation entrles needed at December 31,203, to prepare consolidated financlal statements. Note: If no entry is requlred for a transaction/event, select "No journal entry requlred" In the flist account fleld. Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Prepare the consolidation entrles needed at December 31,203, to prepare consolidated financlal statements. Note: If no entry ls required for a transaction/event, select "No journal entry required" In the flist account fleld. Consolidation Worksheet Entries Note: Enter debits before credits