McKeag Co. obtained all of the common stock of Munshower Co. on January 1, 2016. As of that date, Munshower had the following trial balance Credit $60,000 Debit Accounts payable Accounts receivable Additional paid-in capital Buildings - net (20 year life) Cash and short-term investments Common stock Equipment - net (8year life) Inventory Land Long-term liabilities (mature 12/31/22) Retained earnings, 1/1/16 Supplies Totals $50,000 60,000 140,000 70,000 300,000 240,000 110,000 90,000 180,000 120,000 20,000 $720,000 $720,000 During 2016, Munshower reported net income of $96,000 while paying dividends of $12,000. During 2017, Munshower reported net income of $132,000 while paying dividends of $36,000. Assume that McKeag Co. acquired the com 2016, Munshower's land had a fair value of $102,000, its buildings were valued at $188,000 and its equipment was appraised at $216,000. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to an unamortized patent to be amorti to use the equity method for this investment. mon stock of Munshower Co. for $588,000 in cash. As of January I zed over 10 years. McKeag decided Required (A.) Prepare consolidation worksheet entries for December 31, 2016 (B.) Prepare consolidation worksheet entries for December 31, 2017