Prime Corporation acquired 100 percent ownership of Steak Products Company on January 1,20X1, for $200,000. On that date, Steak reported retained earnings of $50,000 and had $100,000 of common stock outstanding. Prime has used the equity method in accounting for its investment in Steak. The trial balances for the two companies on December 31, 20X5, appear below. Additional Information 1. On the date of combination (five years ago), the fair value of Steak's depreciable assets was $50,000 more than the book value. Accumulated depreciation at that date was $10,000. The differential assigned to depreciable assets should be written off over the following 10 -year period. 2. There were $10,000 of intercorporate receivables and payables at the end of 205. Required a. Give all journal entries that Prime recorded during 205 related to its Required a. Give all journal entries that Prime recorded during 205 related to its investment in Steak. b. Give all consolidation entries needed to prepare consolidated statements for 20X5. c. Prepare a three-part worksheet as of December 31, 20 X5. page 181