Proud Corporation acquired $80$ percent of Sphited Company's voting stock on January $1,203,$ at underhyng bopk value. The fair value of the noncontroling interest was equal to $20$ percent of the book value of Spinted at that date. Assume that the sccimitated depreclation on depreclable assels was $$60,000$ cin the acquisition date. Proud uses the two compantes are as folows:

Required: Note if no ientry is required tor a transaction$/$event$,$ select $"$No joumal entry required" in the first account fleld. Record the basic consolidation entry.

A Record the optional accumulated depredation consolidation entry.

b$.$ Prepare a three$-$part corisolidation worksheet

Note: Values in the first two columns $($the "parent" and "subsidlary" balances$)$ that are to be deducted should be indicated with a minus sign, while all values in the "Consolidatlon Enuries" columns should be entered as posit the and enter this amount in the credt column of the worksheet.