Please Complete/Correct when necessary

Prepare a consolidated balance sheet, income statement, and retained earnings statement for 20X3.

Proud Corporation acquired 80 percent of Spirited Company's voting stock on January 1,203, at underlying book value. The fair value of the noncontrolling interest was equal to 20 percent of the book value of Spirited at that date. Assume that the accumulatec depreciation on depreciable assets was $60,000 on the acquisition date. Proud uses the equity method in accounting for its ownership of Spirited during 20X3. On December 31, 20X3, the trial balances of the two companies are as follows: \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{PROUDCORPORATIONANDSUBSIDIARY} \\ \hline \multicolumn{5}{|c|}{ Assessment Tool iFrame Consolidated Income Statement } \\ \hline \multicolumn{5}{|c|}{ Year Ended December 31, 203} \\ \hline Sales & & & $ & 320,000 \\ \hline Depreciation expense & & 40,000 & & \\ \hline Other expenses & & 180,000 & & \\ \hline Income from Best Co. & & 24,000 & & \\ \hline Total expenses & & & & (164,000) \\ \hline Consolidated net income & & & & 156,000 \\ \hline Income to noncontrolling interest & & & & 36,000 \\ \hline Income to controlling interest & & & $ & 120,000 \\ \hline \end{tabular} PROUD CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 203 \begin{tabular}{|l|} \hline \multicolumn{2}{|c|}{ PROUD CORPORATION AND SUBSIDIARY } \\ \hline \multicolumn{1}{|c|}{ Consolidated Retained Earnings Statement } \\ \hline Year Ended December 31, 20X3 \\ \hline Retained Earnings, January 1, 20X3 \\ \hline Income to Controlling Interest, 20X3 \\ \hline \\ \hline Dividends Declared, 20X3 \\ \hline Retained Earnings, December 31, 20X3 \\ \hline \end{tabular}