Meteor Corporation acquired 80 percent ownership of Granger Company on January 1, 20X7, for $173,000. At that date, the fair value of the noncontrolling interest was $43,250. The trial balances for the two companies on December 31, 20x7, ncluded the following amounts: Granger Company Debit Credit Item Cash Accounts Receivable inventory Land Buildings & Equipment Investment in Granger Cost of Goods Sold Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Mortgages Payable Common Stock Retained Earnings Sales Income from Subsidiary Debit Credit 38,000 50,000 240,000 80,000 500,000 202,000 500,000 25,000 75,000 50,000 25,000 55,000 100,000 20,000 150,000 250,000 15,000 75,000 20,000 $155,000 70,000 200,000 300,000 290,000 700,000 $75,000 35,000 50,000 50,000 100,000 400,000 52./50.00 52.260.00 $710,000 $710,000 Additional Information On January 1, 20X7, Granger reported net assets with a book value of $150,000 and a fair value of $191,250. Granger's depreciable assets had an estimated life of 11 years on the date of combination. The difference between fair value and book value of Granger's net assets is related entirely to buildings and equipment. Meteor used the equity method in accounting for its investment in Granger. Detailed analysis of receivables and payables showed that Granger owed Meteor $16,000 on December 31, 20X7. 1. 2. 3. 4. REQUIRED a. Give all journal entries recorded by Meteor with regard to its investment in Granger b. Giv e all eliminating entries needed to prepare a full set of consolidated financial statements for Prepare a three-part consolidation worksheet as of December 31, 20X7. (Including the o depreciation entry) c. ptional