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, 20X4, are as follows Station Corporation Debit $150,000 210,000 Credit Item Current Assets Depreciable Assets (net) Investment in Station Corporation Depreciation Expense Other Expenses Dividends Declared Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Station Corporation Police Corporation Debit Credit $210,000 300.000 190,000 25,000 150,000 5,000 $70,000 100,000 200.000 290,000 230,000 25,000 5925,000 5925,000 15,000 90,00 15,000 $ 50,000 120,000 100,000 70,000 146,000 $480,000 $480,000 Required: a Prepare the basic consolidation entry 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 A Record the basic consolidation entry. Note Enter debits before credits. Event Accounts Debit Credit 1 W. Clen View conscido entries Prepare a three-part consolidation worksheet as of December 31, 2024. (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.) POLICE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X4 Consolidation Entries Police Corp Station Corp. DR CR Consolidated Income Statement Sales Les Depreciation expenso Less Other expenses Income from Station Corp Net income Statement of Retained Earings Beginning balance Net income Statement of Retained Earnings Beginning balance Net income Less Dividends declared Ending balance Balance Sheet Current assets Depreciable assets (net) Investment in Station Corp Total Assets Current liabilities Long-term debt Common stock Retained earnings Total Liabilities & Equity