On January 1 , 20x1, Bright Co. acquired 75% interest in Dull Co. for 180,000. On this date, the carrying amount of Dull's net identifiable assets was 160,000, equal to fair value. Non- controlling interest was measured at fair value of 60,000.

The Financial Statements of the entities on December 31, 20x1 show the following information;

	Bright Co.	Dull Co.
Assets
Investment in subsidiary (at cost)	180,000
Other Assets	600,000	235,000
Total Assets	780,000	235,000
Liabilities and Equity
Liabilities	70,000	25,000
Share Capital	600,000	100,000
Retained Earnings	110,000	110,000
Total Equity	710,000	210,000
Total Liabilities and Equity	780,000	235,000
	Bright Co.	Dull Co.
Revenues	300,000	80,000
Operating Expenses	(60,000)	(30,000)
Profit for the year	240,000	50,000

Additional Information:

• No-dividends were declared by either entity during 20x1 and there were no inter-company transactions.
• However, it was determined by year-end that goodwill was impaired by 10,000.

Requirement:

1. Prepare the consolidation journal entries and the 10 column working papers.