On January 1, 20x8, Pierce Corporation acquired 90 percent of Sharp Company's voting stock at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Sharp at that date. The next day Sharp filed for bankruptcy. The amount of accumulated depreciation at the time of purchase was $50,000. On December 31, 20X9. the trial balances of the two companies are as follows: Pierce Company Sharp Corporation Debit Credit Debit Credit Current Assets $ 225,500 $ 65,000 Depreciable Assets 300,000 225.000 Investment in Sharp Corp. 144.000 Depreciation Expense 30.000 25.000 Other Expenses 180.000 85.000 Accumulated Depreciation $ 150,000 $ 100.000 Current Liabilities 45.000 20,000 Long-Term Debt 75,000 90,000 Common Stock 100,000 75,000 Retained Earnings 282,500 0 Sales 253 500 125.000 income from Sharp 13.500 $919.500 5 919.500 $ 490,000 5 490.000 Required I Give The Journal Entries in 2006 Income from Sharp 13.500 $ 919,500 $ 919,500 $ 490,000 $ 490,000 Required: 1)Give The Journal Entries in 20x8 2. Give all consolidating entries required on December 31, 20X8, to prepare consolidated financial statements Edit View. Insert Format Tools Table