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Name: Consolidated Worksheet at End of the First Year of Ownership (Equity Method) On January 1, 2023, Patron Corporation acquired 100 percent of Sister Company's

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Name: Consolidated Worksheet at End of the First Year of Ownership (Equity Method) On January 1, 2023, Patron Corporation acquired 100 percent of Sister Company's net identifiable assets at underlying book value. Patron uses the equity method in accounting for its ownership of Sister. On December 31, 2023, the trial balances of the two companies are as follows: Required: a. Prepare the joumal entries on Patron's books for the acquisition of Sister on January 1. 2023 as well as any normal equity method entry (ies) related to the investment in Sister Company during 2023. b. Prepare the consolidation entries needed as of December 31, 2023, to complete a consolidation worksheet. c. Prepare a three-part consolidation worksheet as of December 31, 2023. Reyuirement C : c. Prepare a three-part consolidation workshott as of December 31, 2023. Requirement A: a. Prepare the journal entries on Patron's books for the acquisition of Sister on January 1, 2023 as well as any normal equity method entry (ies) related to the investment in Sister Company during 2023. Requirement B: b. Prepare the consolidation entries needed as of December 31,2023, to complete a consolidation worksheet

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