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:

Item	Polka Corporation		Song Company
	Debit	Credit	Debit	Credit
Current Assets	$ 249,000		$ 161,000
Depreciable Assets	516,000		303,000
Investment in Song Company	248,000
Depreciation Expense	22,000		12,000
Other Expenses	161,000		85,000
Dividends Declared	63,000		29,000
Accumulated Depreciation		$ 197,000		$ 72,000
Current Liabilities		52,000		32,000
Long-Term Debt		92,000		112,000
Common Stock		189,000		89,000
Retained Earnings		461,000		139,000
Sales		219,000		146,000
Income from Song Company		49,000
	$ 1,259,000	$ 1,259,000	$ 590,000	$ 590,000

Required:

Prepare all consolidation entries required on December 31, 20X4, to prepare consolidated financial statements.

Prepare a three-part consolidation worksheet as of December 31, 20X4.

Journal entry worksheet

Record the basic consolidation entry.

Note: Enter debits before credits.

Event	Accounts	Debit	Credit
1

Prepare a three-part consolidation worksheet as of December 31, 20X4. Note: 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.