only do part B #9

Prime Corporation acquired 100 percent ownership of Steak Products Company on January 1,201, for $300,000. On that date, Steak reported retained earnings of $90,000 and had $120,000 of common stock outstanding. Prime has used the equity-method in accounting for its investment in Steak. Additional Information: 1. On the date of combination (five years ago), the falr value of Steak's depreclable assets was $90,000 more than the book value. Accumulated depreclation at that date was $10,000. The differentlal assigned to depreclable assets should be written off over the following 10 -year perlod. 2. There was $30,000 of Intercorporate recelvables and payables at the end of 205. Required: a. Prepare all journal entrles that Prime recorded during 205 related to its Investment in Steak. b. Prepare all consolidating entrles needed to prepare consolidated statements for 205. c. Prepare a three-part worksheet as of December 31,205. Prepare all consolidating entries needed to prepare consolidated statements for 205. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, A Record the basic consolidation entry. B Record the amortized excess value reclassification entry. Record the excess value (differential) reclassification entry. D Record the entry to eliminate the intercompany accounts. Note: = journal entry has been entered