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Polka Corporation acquired 100 percent of Song Company's voting stock on January 1, 20X4, at underlying book value. Polka uses the equity method in accounting for its ownership of Song. On December 31, 20X4, the trial balances of the two companies are as follows: Song Company Debit Credit $155,000 313,000 12,000 87,000 22,000 Item Current Assets Depreciable Assets Investment in Song Company Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Song Company Polka Corporation Debit Credit 252,000 500,000 262,000 22,000 155,000 58,000 $ 196,000 53,000 81,000 198,000 451,000 228,000 42,000 $1,249,000 $1,249,000 $ 72,000 33,000 101,000 87,000 155,000 141,000 $589,000 $589,000 Required a. Prepare all consolidation entries required on December 31, 20X4, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Event Debit Credit Accounts Income from Song Company Investment in Song Company Record entry Clear entry view consolidation entries b. Prepare a three-part consolidation worksheet as of December 31, 20X4. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) POLKA CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X4 Consolidation Entries Polka Corp Song Co. DR CR Consolidated Income Statement Sales Less: Depreciation expense Less: Other expenses Income from Song Co. Net income $ $ $ $ $ 0 $ 0 $ 0 $ 0 $ 0 $ Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending balance Balance Sheet Current assets Depreciable assets Less: Accumulated depreciation Investment in Song Co. Total Assets Current liabilities Long-term debt Common stock Retained earnings $ 0 $ 0 $ 0 $ 0 $ 0 Polka Corporation acquired 100 percent of Song Company's voting stock on January 1, 20X4, at underlying book value. Polka uses the equity method in accounting for its ownership of Song. On December 31, 20X4, the trial balances of the two companies are as follows: Song Company Debit Credit $155,000 313,000 Polka Corporation Debit Credit 252,000 500,000 262,000 22,000 155,000 58,000 $ 196,000 53,000 81,000 198,000 451,000 228,000 42,000 $1,249,000 $1,249,000 Item Current Assets Depreciable Assets Investment in Song Company Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Song Company 12,000 87,800 22,000 $ 72,000 33,000 101,000 87,000 155,000 141,000 $589,000 $589,000 Required a. Prepare all consolidation entries required on December 31, 20X4, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries