Polo Company purchased 85% of the outstanding common stock of Serena Company on December 31, 2019 for $310,000. On that date, Serena's stockholders' equity consisted of the following: Common Stock Other Contributed Capital Retained Earnings Total $240,000 $55,000 $50,000 $345,000 During 2022, Serena distributed a dividend in the amount of $12,000 and at year-end reported a net loss of $10,000. During the time, Polo has held its investment in Serena, Serena's retained earnings balance has decreased $29,500 to a balance of $20,500 after closing on December 31, 2022. Serena did not declare or distribute dividends in either 2020 or 2021. The difference between book value and the value implied by the purchase price relates to goodwill. Hint: Analyze the Retained Earnings using a T-account analysis Assuming the use of the equity method by Polo, prepare in general journal form the entries needed in the preparation of a consolidated statements workpaper on December 31, 2022