Police Corporation acquired 100 percent of Station Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Station's assets and liabilities were equal. Police uses the equity method in accounting for its investment in Station. Adjusted trial balances for Police and Station on December 31, 20X3, are as follows Item Police Corporation Station Corporation Debit Current Assets Credit $157,000 Depreciable Assets (net) Debit $123,000 Credit 335,000 Investment in Station Corporation 242,000 146,000 Depreciation Expense 21,000 Other Expenses 97,000 Dividends Declared 58,000 11,000 74,000 21,000 Current Liabilities. $ 33,000 $ 23,000 Long-Term Debt 92,000 196,000 Common Stock 200,000 88,000 Retained Earnings 230,000 38,000 Sales 218,000 126,000 Income from Station Corporation 41,000 $514,000 $814,000 $471,000 $471,000 Required: a. Prepare the basic consolidation entry required on December 31, 20X3, 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