Prime Corporation acquired 100 percent ownership of Steak Products Company on January 1, 20x1, for $255,000. On that date, Steak reported retained earnings of $72,000 and had $111,000 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. Steak Products Company Debit Credit $ 76,000 101,000 161,000 91,000 91,000 Item Cash & Receivables Inventory Land Buildings & Equipment Investment in Steak Products Cost of Goods Sold Depreciation Expense Inventory Losses Dividends Declared Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Income from Steak Products Prime Corporation Debit Credit $ 54,000 271,000 511,000 270, 200 131,000 36,000 26,000 41,000 $ 216,000 71,000 222,000 311,000 364,200 211,000 36,000 $1,431, 200 $1,431,200 61,000 26,000 13,800 21,000 $ 127,000 31,000 36,800 111,000 101,000 144,000 $ 550,800 $ 550,800 Additional Information: 1. On the date of combination (five years ago), the fair value of Steak's depreciable assets was $72,000 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. Additional Information: 1. On the date of combination (five years ago), the fair value of Steaks depreciable assets was $72,000 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 was $21,000 of intercorporate receivables and payables at the end of 20X5. Required: a. Prepare all journal entries that Prime recorded during 20x5 related to its investment in Steak. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit 1 Consolidation Worksheet Entries Record the amortized excess value reclassification entry. Note: Enter debits before credits. Event Accounts Debit Credit 2 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Record the entry to eliminate the intercompany accounts. Note: Enter debits before credits. Event Accounts Debit Credit 4 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries