.O 12-5 p12-25 Consolidation Worksheet after Translation Refer to the information given in P12-23 and P12-24 for Palermo and its subsidiary, Salina Ranching. Assume that the Australian dollar (A$) is the functional currency and that Palermo uses the fully adjusted equity method for accounting for its investment in Salina Ranching. A December 31, 20X3, trial balance for Palermo Inc. follows. Use this translated trial balance for completing this problem. Item Credit Page 3 of3 !I Cash Accounts Receivable (net) Receivable from Salina Ranching Inventory Plant & Equipment Investment in Salina Ranching Cost of Goods Sold Depreciation Expense Operating Expenses Interest Expense Dividends Declared Translation Adjustment Accumulated Depreciation Accounts Payable Interest Payable Common Stock Retained Earnings, January 1, 20X3 Sales Income from Subsidiary Total Debit $ 38,000 140,000 6,480 128,000 500,000 152,064 600,000 28,000 204,000 2,000 50,000 22,528 $ 90,000 60,000 2,000 500,000 179,656 1,000,000 39,416 $1,871,072 $1.871,072 Required a. Prepare a set of elimination entries, in general journal form, for the entries required to prepare a comprehensive consolidation worksheet (including other comprehensive income) as of December 31, 20X3. b. Prepare a comprehensive consolidation worksheet as of December 31, 20X3, Es prepare the consolidated Income Statement and Balance Sheet i con and comprehensive Tacome Statement