Polka Corporation acquired $100$ percent of Song Company's voting stock on January $1,20$X$4,$ at underlying book value. Polka uses the

equity method in accounting for its ownership of Song. On December $31,20$X$4,$ the trial balances of the two companies are as follows:

Required:

a$.$ Prepare the consolidation entries required on December $31,204,$ to prepare consolidated financial statements.

b$.$ Prepare a three$-$part consolidation worksheet as of December $31,204.$

Complete this question by entering your answers in the tabs below.

Required $A$

Prepare the consolidation entries required on December $31,20$X$4,$ to prepare consolidated financial statements.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

A Record the basic consolidation entry.

B Record the optional accumulated depreciation

consolidation entry.