Power Company purchased 90% of the common stock of Sedco, Inc. on January 1, 2019, for $85,000. Sedco Inc had capital stock of $70,000 and retained earnings of $12,000 at that time. Trial balances at the end of 2019 for the companies were: Power Co. Sedco Ine Cash Accounts Receivable Inventory, 1/1 Advance to Sodco Company Purchases Other Expenses Plant Assets Dividends Declared SI5,000 $20,000 20.000 18,000 30,000 8,000 8,000 ww. 80,000 20,000 20,000 16,000 67,800 10,000 50,000 12,000 Investment in Seden Co. 85,000 Total Debits Accounts Payable Other Liabilities Advances from Power Company Common Stock, $5 par Retained Earnings, 1/1 Sales Dividend Income Total Credits Inventory 31/12 S 313,800 S 156,000 13,000 6,000 30,000 8000 100,000 50,000 70,000 30,000 120,000 42.000 10,800 313,800 S 156,000 $40,000 S15,000 Required: Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2019. Show all necessary calculation and recommended to use excel format. Show all necessary computations. Hint: Exclude dividend income. Approximate decimals if any!