Power Corporation acquired 75 percent of Best Company's ownership on January 1, 20X8 for $96.000. At that date, the fair value of the noncontrolling nterest was $32.000. The book vakof Best's net assets at acquisition was $100,000. Accumulated depreciation on the buildings and equipment was $30,000 on the acquisition date. The book values and fair values of Bests assets and labilities were equal, except for Best's buildings and equipment, which were worth $20,000 more than book value. Buildings and equipment are depreclated on a 10-year basis Athough goodwill is not amortized, the management of Power concluded at December 31, 20X8, that goodwill from its purchase of Best shares had been impaired and the correct carrying amount was $2.500 Goodwill and goodwill impairment were assigned proportionately to the controling and noncontroling shareholders No additional impairment occurred in 20X9 Trial balance data Power and Best on December 31, 20x9aro as follows: Best Company Item Debit Credit Debit Credit 68,500 85.000 97,000 50,000 350,000 06,875 145,000 35,000 25,000 12.000 23.000 30,000 Accounts Receivable 14,000 24,000 25,000 150,000 Buildings & Equipment investment in Best Co. Stock Cost of Goods Sold Wage Expense Depreciation Expense ntorest Expense Other Expenses Dividends Declared 114.000 20,000 10,000 4,000 16,000 20,000 Accounts Payable Wages Payable Notes Payable Common Stock Retained Eamings S 170.000 51,000 14,000 150,000 200,000 128,875 290,000 25.500 50.000 15.000 8,000 50,000 60,000 48.000 200,000 income from Subsidiary 1,027.375 $1,027 375 $429,000 $ 429.000 Prepare a three-part consolidation worksheet for 20Xx9. (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. Similarty, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) Ch. 5 Graded Homework Assignment Worksheet Entries Record the optional accumulated depreciation consolidation entry Note: Enter debits before credits. Entry Accounts Debit Credit Power Corporation acquired 75 percent of Best Company's ownership on January 1, 20X8 for $96.000. At that date, the fair value of the noncontrolling nterest was $32.000. The book vakof Best's net assets at acquisition was $100,000. Accumulated depreciation on the buildings and equipment was $30,000 on the acquisition date. The book values and fair values of Bests assets and labilities were equal, except for Best's buildings and equipment, which were worth $20,000 more than book value. Buildings and equipment are depreclated on a 10-year basis Athough goodwill is not amortized, the management of Power concluded at December 31, 20X8, that goodwill from its purchase of Best shares had been impaired and the correct carrying amount was $2.500 Goodwill and goodwill impairment were assigned proportionately to the controling and noncontroling shareholders No additional impairment occurred in 20X9 Trial balance data Power and Best on December 31, 20x9aro as follows: Best Company Item Debit Credit Debit Credit 68,500 85.000 97,000 50,000 350,000 06,875 145,000 35,000 25,000 12.000 23.000 30,000 Accounts Receivable 14,000 24,000 25,000 150,000 Buildings & Equipment investment in Best Co. Stock Cost of Goods Sold Wage Expense Depreciation Expense ntorest Expense Other Expenses Dividends Declared 114.000 20,000 10,000 4,000 16,000 20,000 Accounts Payable Wages Payable Notes Payable Common Stock Retained Eamings S 170.000 51,000 14,000 150,000 200,000 128,875 290,000 25.500 50.000 15.000 8,000 50,000 60,000 48.000 200,000 income from Subsidiary 1,027.375 $1,027 375 $429,000 $ 429.000 Prepare a three-part consolidation worksheet for 20Xx9. (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. Similarty, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) Ch. 5 Graded Homework Assignment Worksheet Entries Record the optional accumulated depreciation consolidation entry Note: Enter debits before credits. Entry Accounts Debit Credit