Powder Company spent $240,000 to acquire all of Sawmill Corporation's stock on January 1, 20X2. On December 31, 20X4, the trial balances of the two companies were as follows: Powder Company Sawmill Corporation Item Cash Debit $ 74,000 Accounts Receivable 130,000 Land 60.000 Buildings & Equipment 500,000 Credit Debit $ 42,000 53,000 50,000 350,000 Credit Investment in Sawmill Corporation 268,000 Cost of Services Provided 470,000 130,000 Depreciation Expense 35.000 18,000 Other Expenses 57.000 60.000 Dividends Declared 30,000 12,000 Accumulated Depreciation $ 265,000 $ 93,000 Accounts Payable 71,000 17,000 Taxes Payable 58,000 60,000 Notes Payable 100,000 85,000 Common Stock Retained Earnings Service Revenue 200,000 100,000 292,000 120,000 610,000 240,000 Income from Sawmill Corporation 28,000 $1,624,000 $1,624,000 $715,000 $715,000 Page 183 Sawmill Corporation reported retained earnings of $100,000 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of 10 years from the date of acquisition. Sawmill's accumulated depreciation on the acquisition date was $25,000. At December 31, 20X4, Sawmill owed Powder $2,500. Required a. Give all journal entries recorded by Powder with regard to its investment in Sawmill during 20X4. b. Give all consolidation entries required on December 31, 20X4, to prepare consolidated financial statements. c. Prepare a three-part consolidation worksheet as of December 31, 20X4