Power Corporation acquired 75 percent of Best Companys ownership on January 1, 20X8, for $93,000. At that date, the fair value of the noncontrolling interest was $31,000. The book value of Bests net assets at acquisition was $91,000. The book values and fair values of Bests assets and liabilities were equal, except for Bests buildings and equipment, which were worth $18,200 more than book value. Accumulated depreciation on the buildings and equipment was $30,000 on the acquisition date.Buildings and equipment are depreciated on a 10-year basis.

Although 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 $2,600. Goodwill and goodwill impairment were assigned proportionately to the controlling and noncontrolling shareholders.

Trial balance data for Power and Best on December 31, 20X8, are as follows:

	Power Corporation				Best Company
Item	Debit		Credit		Debit		Credit
Cash	$	55,500			$	26,000
Accounts Receivable		71,000				17,000
Inventory		91,000				30,000
Land		47,000				20,000
Buildings and Equipment		356,000				161,000
Investment in Best Co. Stock		105,435
Cost of Goods Sold		115,000				100,000
Wage Expense		39,000				21,000
Depreciation Expense		24,000				9,000
Interest Expense		11,000				3,000
Other Expenses		12,500				4,000
Dividends Declared		33,000				17,400
Accumulated Depreciation			$	125,000			$	36,000
Accounts Payable				34,000				10,000
Wages Payable				11,000				6,000
Notes Payable				205,950				80,400
Common Stock				194,000				54,000
Retained Earnings				96,000				37,000
Sales				269,000				185,000
Income from Subsidiary				25,485
	$	960,435	$	960,435	$	408,400	$	408,400

Required:

a.	Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b.

Prepare a three-part consolidation worksheet for 20X8. (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. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)