On January 1, 20X8, Gregory Corporation acquired 90 percent of Nova Company's voting stock for $126,000 The fair value of the noncontrolling interest was equal to 10 percent of the book value of Nova at that date Gregory uses the equity method in accounting for its ownership of Nova During 20X8, Nova earned net income of $25,000 and declared dividends of $10,000 On December 31, 20X8, the trial balances of the two companies are as follows Complete the Book Value Calculation table below and provide all eliminating consolidation entries (Basic Optional) required as of December 31, 20X8, to prepare consolidated financial statements Gregory Corp Nova Company Dr Cr Dr Cr Current Assets 200000 120000 Depreciable Assets 300000 225000 Investment in Nova 139500 Depreciation Expense 30000 25000 Other Expenses 100000 60000 Dividends Declared 30000 10000 Accumulated Depreciation 120000 75000 Current Liabilities 62000 25000 Long Term Debt 75000 90000 Common Stock 100000 75000 Retained Earnings 120000 65000 Sales 300000 110000 Income from Subsidiary 22500 Totals 799500 799500 440000 440000 Complete the Book Value Calculation table below and provide all eliminating consolidation entries (Basic Optional) required as of December 31, 20X8 , to prepare consolidated financial statements

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On January 1, 20X8, Gregory Corporation acquired 90 percent of Nova Company's voting stock for $126,000. The fair value of the noncontrolling interest was equal

On January 1, 20X8, Gregory Corporation acquired 90 percent of Nova Company's voting stock for $126,000. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Nova at that date. Gregory uses the equity method in accounting for its ownership of Nova. During 20X8, Nova earned net income of $25,000 and declared dividends of $10,000. On December 31, 20X8, the trial balances of the two companies are as follows: Complete the Book Value Calculation table below and provide all eliminating/consolidation entries (Basic & Optional) required as of December 31, 20X8, to prepare consolidated financial statements.

Gregory Corp		Nova Company
	Dr	Cr	Dr	Cr
Current Assets	200000		120000
Depreciable Assets	300000		225000
Investment in Nova	139500
Depreciation Expense	30000		25000
Other Expenses	100000		60000
Dividends Declared	30000		10000
Accumulated Depreciation		120000		75000
Current Liabilities		62000		25000
Long-Term Debt		75000		90000
Common Stock		100000		75000
Retained Earnings		120000		65000
Sales		300000		110000
Income from Subsidiary		22500
Totals	799500	799500	440000	440000

Complete the Book Value Calculation table below and provide all eliminating/consolidation entries (Basic & Optional) required as of December 31, 20X8, to prepare consolidated financial statements.