Parent Company obtains 100 percent of Subsidiary Company's stock on January 1, 2020. As of that date, Subsidiary has the following trial balance: Accounts payable Accounts receivable Additional paid-in capital Debit Credit $ 51,900 $ 43,100 50,000 Buildings (net) (4-year remaining life) 175,000 Cash and short-term investments 75,500 Common stock 250,000 Equipment (net) (5-year remaining life) 439,500 Inventory 127,000 Land 116,500 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies 170,500 464,900 10,700 Totals $987,300 $987,300 During 2020, Subsidiary reported net income of $87,000 while declaring and paying dividends of $11,000. During 2021, Subsidiary reported net income of $122,500 while declaring and paying dividends of $55,000. Assume that Parent Company acquired Subsidiary's common stock for $873,250 in cash. As of January 1, 2020, Subsidiary's land had a fair value of $129,800, buildings had a fair value of $243,800, and its equipment had a fair value of $403,750. Parent uses the equity method for this investment. Prepare consolidation worksheet entries for December 31, 2020, and December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Date Accounts 1 December 31 Common stock-Subsidiary Debit Credit 250,000 Additional paid-in capital 50,000 Retained earnings-1/1/20 464,900 Investment in Subsidiary 764,900 2 December 31 Land 133,300X Buildings 68,800 Goodwill 62,000 Equipment 35,750 Investment in Subsidiary 108,350 3 December 31 Equity in subsidiary earnings 76,950 Investment in Subsidiary 76,950 4 December 31 Investment in Subsidiary 11,000 Dividends declared 11,000 5 December 31 Depreciation expense 10,050 Equipment 7,150 Buildings 17,200 6 December 31 Common stock-Subsidiary 250,000 Additional paid-in capital 50,000 Retained earnings-1/1/21 540,900 Investment in Subsidiary 840,900 7 December 31 Land 13,300 Buildings 62,000X Equipment Investment in Subsidiary 28,600X 98,300 8 December 31 Equity in subsidiary earnings Investment in Subsidiary 9 December 31 Investment in Subsidiary Dividends declared 112.450 112,450 55,000 55,000 10 December 31 Depreciation evnence 10.050