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On January 1 , 2 0 2 2 , Porto Corporation acquired 8 0 % of the voting stock of Sardinia Corporation for $ 1

On January 1,2022, Porto Corporation acquired 80% of the voting stock of Sardinia Corporation for $12,000 when Sardinia had Capital Stock of $5,000 and Retained Earnings of $4,000. On this date, the book value of Sardinias assets and liabilities was equal to the fair value, except for inventories, which were understated on the books by $500 and were sold in 2022, land which was undervalued by $1,000, and equipment with a remaining useful life of 5 years under the straight-line method which was undervalued by $1,500. Any remainder was assigned to goodwill.
Financial statements for the two corporations at the end of the fiscal year ended December 31,2023 appear in the first two columns of the partially completed consolidation working papers. Porto has accounted for its investment in Sardinia using the equity method of accounting. Porto Corporation owed Sardinia Corporation $100 on open account at the end of the year. Dividends receivable in the amount of $450 payable from Sardinia to Porto is included in Porto's net receivables.
Required:
1) Prepare the elimination entries required for consolidation on December 31,2023. Show all your calculations.
2) Complete the consolidation working papers for Porto Corporation and Subsidiary for the year ended December 31,2023.
3) State which items have been amortized and which have not in 2023, and why?
Please solve the enrtied and the worksheet in tabular form
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