Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, for $112,700. At that date, the noncontrolling interest had a fair value of $48,300 and Soda reported $71,000 of common stock outstanding and retained earnings of $31.000. The differential is assigned to buildings and equipment, which had a fair value $28.000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $31.000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows: Soda Company Debit Credit $ 22,600 36,800 41.ee 261,600 Item Cash & Accounts Receivable Inventory Land Buildings & Equipment Investment in Soda Company Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premium Common Stock Retained Earnings Sales Other Income Income from Soda Company Pop Corporation Debit Credit $ 16,400 166,800 81.000 350.898 117,200 187,800 20,000 17.00 31, eee $141, 80e 93,400 219, 250 88,888 15,800 6. 200 16,800 $ 85,898 36,800 94,800 1,600 71, eee 61, eee 130,898 121,800 128,900 261, 800 10,600 10,45 $985,600 $985,600 $478,600 $478,600 On December 31, 20X2. Soda purchased inventory for $31.500 and sold it to Pop for $45.000. Pop resold $30,000 of the inventory fie $30,000 of the $45,000 acquired from Soda) during 20x3 and had the remaining balance in inventory at December 31, 20X3. During 20X3, Soda sold inventory purchased for $56,000 to Pop for $80,000, and Pop resold all but $25.000 of its purchase. On March 10, 20X3, Pop sold inventory purchased for $15,000 to Soda for $30,000. Soda sold all but $7.800 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method, that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition. Required: a. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X3. for Pop and Soda. (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 B C D E F G Record the basic consolidation entry. Note: Enter debits before credits Entry Accounts Debit Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries D E F G Record the amortized excess value reclassification entry. Note: Enter debits before credits Entry Accounts Debit Credit Record entry Clear entry view consolidation entries Consolidation Worksheet Entries