Name: Consolidated Worksheet at End of the Second Year of Ownership (Equity Method) On January 1, 2019, Parent Corporation acquired 75 percent of Sub Company's net identifiable assets, at Parent Corporation Sub Company Item Debit Credit Debit Credit Current Assets $247,250 $145,000 Depreciable Assets 300,000 225,000 Investment in Sub 120,000 Depreciation Expense 30,000 25,000 Other Expenses 180,000 85,000 Dividends Declared 40,000 10,000 Accumulated Depreciation $150,000 $100,000 Current Liabilities 45,000 20,000 Long-Term Debt 75,000 90,000 Common Stock 100,000 75,000 Retained Earnings 282,500 80,000 Sales 253,500 125,000 Income from Standard Co. 11,250 Total $917,250 S917.250 S490,000 $490,000 Required: 1) Give all equity method entries required on December 31, 2020, to prepare consolidated financial statements. 2) Give all consolidating entries required on December 31, 2020, to prepare consolidated financial statements. 3) Prepare a three-part consolidation worksheet as of December 31, 2020