On January 1, 2023, the Big Company acquired 80% of the outstanding shares of Little Company for $800,000 in cash. The price paid was proportionate to Little's total fair share, although at the acquisition date, Little Company had a total book value of $850,000 (Common Stock - $400,000 and Retained Earnings - $450,000). All assets acquired and liabilities assumes have fair values equal to book values except for a patent (five-year remaining life) that was undervalued on Little's accounting records by $120,000. Any excess fair value is attributable to goodwill. On the very next day, January 2, 2023, the Big and Little Company engaged in the following transactions: a. Little Company sold inventory to the Big Company. The sales price was $240,000 and the cost was $180,000. At December 31, 2023, 20% of that inventory has not been sold or used up by the Big Company. b. The Big Company sold some used equipment to the Small Company for $100,000. The cost of the equipment for the Big Company was $160,000 and depreciation in the amount of $80,000 was recorded prior to the date of sale. The equipment has a 5-year life remaining. c. The Big Company sold some land to the Small Company. That land was on the books of the Big Company at $300,000 and it was sold for $350,000. d. Finally, the Big Company purchased some of the bonds payable that Small Company had outstanding for several years. The bonds had a face value of $200,000, a stated interest rate of 6%. The bonds were carried at a value of $160,000 and had an effective interest rate of 9%. Big Company paid $170,000 for this bond investment, to yield an effective interest rate of 8%. Note: Do not use this loss/gain in computing the equity income from Small Company, as this gain/loss is assumed to be on the books of the Big Company. During 2023, the Small Company reported income of $250,000 and paid dividends totaling $80,000. Required: Prepare the required worksheet consolidation entries for the consolidation of the Big and Little Companies as of December 31, 2023. You do not have to prepare a formal worksheet, but merely prepare all of the entries required for that worksheet preparation. (42 test points)