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Prime Corporation acquired 80 percent of Steak Company's voting shares on January 1, 20X4, for $280,000 in cash and marketable securities. At that date, the noncontrolling interest had a fair value of $70,000 and Steak reported net assets of $300,000. Assume Prime uses the fully adjusted equity method. Trial balances for the two companies on December 31, 20X7, are as follows: Prime Corporation Steak Company Item Debit Credit Debit Credit Cash $ 130,300 $ 10,800 Accounts Receivable 30, 008 708,000 Inventory 178,009 11@, 80 Buildings and Equipment 608, 6ea 498,000 Investment in Steak Company 293, 608 Cost of Goods Sold 416,800 282,008 Depreciation Expense 38, 008 20,000 Other Expenses 24,000 18,0008 Dividends Declared 58, 6ea 25,008 Accumulated Depreciation $ 310,000 $ 120,000 Accounts Payable 180,000 15,208 Bonds Payable 380,000 180,000 Bond Premium 4,808 Common Stock 200,000 18e, 800 Additional Paid-in Capital 20,000 Retained Earnings 337,508 215,000 Sales 5ea, 000 250,000 Other Income 20,460 30,000 Income from Steak Company 25,400 Total $ 1,793,300 $ 1,793,300 $ 855,000 $ 855,000 Additional Information . The full amount of the differential at acquisition was assigned to buildings and equipment with a remaining 10-year economic life. _Prime and Steak regularly purchase inventory from each other. During 20X6, Steak Company sold inventory costing $40,000 to Prime Corporation for $60,000, and Prime resold 60 percent of the inventory in 20X6 and 40 percent in 20X7. Also in 20X6, Prime sold inventory costing $20,000 to Steak for $26,000. Steak resold two-thirds of the inventory in 20X6 and one-third in 20X7. . During 20X7, Steak sold inventory costing $30,000 to Prime for $45,000, and Prime sold items purchased for $9,000 to Steak for $12,000. Before the end of the year, Prime resold one-third of the inventory it purchased from Steak in 20X7. Steak continues to hold all the units purchased from Prime during 20X7. _Steak owes Prime $10,000 on account on December 31, 20X7. . Assume that both companies use straight-line depreciation and that no property, plant, and equipment has been purchased since the acquisition. View transaction list A Kecord Prime Corporation''s 8U% share of Steak 7 Company's 20X7 income. > B Record Prime Corporation's 80% share of Steak 7 D me. Company's 20X7 dividend. C Record the amortization of the excess acquisition price. 7 D Record the reversal of the deferred gross profit from s downstream sales in 20X6. E Record the elimination of the deferred gross profit from 7 downstream sales in 20X7. F Record the reversal of the deferred gross profit from s upstream sales in 20X6. Note : @ = journal entry has been entered G Record the elimination of the deferred gross profit from upstream sales in 20X7. view fransaction list 28 A Record the basic consolidation entry. 7z B Record the amortized excess value reclassification entry. s C Record the excess value (differential) reclassification 7 entry. D Record the entry for intercompany receivable/payable. 7 E Record the optional accumulated depreciation 7 consolidation entry. F Record the entry to reverse last year's deferral. 7 G Record the deferral of this year's unrealized profits on 7 inventory transfers. Note : @ = journal entry has been entered d. Prepare a consolidated income statement, balance sheet, and retained earnings statement for 20X7. Income to Controlling Interest Prime Corporation and Subsidiary Consolidated Balance Sheet Year Ended December 31, 20X7 Assets Total Current Assets Total Assets 0 Liabilities 0 Stockholders' Equity: Controlling Interest: Total Controlling Interest: $ 0 Total Stockholders' Equity: O Total Liabilities and Stockholders' Equity O