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Proud Corporation acquired 80 percent of Spirited Company's voting stock on January 1, 20X3. 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 accumulated depreciation on depreciable assets was $60,000 on the acquisition date. Proud uses the equity method in accounting for its ownership of Spirited. On December 31, 20X4, the trial balances of the two companies are as follows: Spirited Company Debit Credit $15e,eee 380, eee 15, eee 90, eee 15, eee Item Current Assets Depreciable Assets Investment in Spirited Company Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Spirited Company Proud Corporation Debit Credit $ 235,899 582.ee 152.209 25, eee 150. eee 50,000 $ 280. 70,000 180. eee 280,000 284, eee 232. 28.ee $1,112,800 $1,112,800 $ 90, eee 50, eee 120, eee 100,000 ze.ee 140,000 $570,890 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 Record the basic consolidation entry. Consolidation Worksheet Entries Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits Event Accounts Debit Credit 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 "subsidlary" balances) that are to be deducted should be Indicated with a minus sign, whlle all values in the "Consolldation Entrles" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all deblt entries Into one amount and enter this amount In the debit column of the worksheet. Similarly, combine all credit entrles Into one amount and enter this amount In the credit column of the worksheet.) PROUD CORPORATION AND SUBSIDIARY Worksheet for Consolidated Financial Statements December 31, 20X4 Consolidation Entries Proud Corp. Spirited Co. DR CR Consolidated Income Statement Sales Less: Depreciation expense Less: Other expenses Income from Spirited Co. S0S0S0S0S S 0 S 0S 0S 0S NCI in net income Controlling Interest in Net Income Statement of Retained Earnings Beginning balance S0S0S0S0S Less: Dividends declared Ending Balance Balance Sheet Current assets Depreciable assets Less: Accumulated depreciation Investment in Spirited Co. Total Assets Liabilities and Equity Current liabilities 0S 0S 0S 0S $0 $0S0S0S Less: Dividends declared Ending Balance Balance Sheet Current assets Depreciable assets Less: Accumulated depreciation Investment in Spirited Co. Total Assets Liabilities and Equity Current liabilities Long-term debt Common stock Retained earnings NCI in NA of Spirited Co. Total Liabilities and Equity Solsos 0 S 0S