Proud Corporation acquired $80$ percent of Spirited Company's voting stock on January $1,203,$ at underlying book value. The fair

value of the noncontrolling interest was equal to $20$ percent of the book value of Spirited at that date. Assume that the accumulated

depreciation on depreciable assets was $$60,000$ on theb. Prepare a three$-$part consolidation worksheet as of December $31,204.$

Values In the flrst two columns $($the "parent" and "subsidlary" balances$)$ that are to be deducted should be Indlcated with a

minus sign, while all values In the "Consolldation Entrles" columns should be entered os positlve values. For occounts where

multiple adjusting entrles are requlred, comblne all deblt entrles Into one amount and enter thls amount In the deblt column of

the worksheet. SImllorly, comblne all credlt entrles Into one amount and enter thls amount In the credlt column of the

worksheet.

Answer is not complete.Proud Corporation acquired $80$ percent of Spirited Company's voting stock on January $1,203,$ at underlying book value. The fair

value of the noncontrolling interest was equal to $20$ percent of the book value of Spirited at that date. Assume that the accumulated

depreciation on depreciable assets was $$60,000$ on the acquisition date. Proud uses the equity method in accounting for its

ownership of Spirited. On December $31,20$X$4,$ the trial balances of the two companies are as follows:

Requlred:

a$.$ Prepare all consolidation entries required on December $31,204,$ to prepare consolidated financial statements.

Note: If no entry is requlred for a transactlon$/$event$,$ select $"$No journal entry requlred" In the flrst account fleld.

Answer is not complete. acquisition date. Proud uses the equity method in accounting for its

ownership of Spirited. On December $31,20$X$4,$ the trial balances of the

Prepare a three$-$part consolidation worksheet as of December $31,20$X$4.$

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 worb. Prepare a three$-$part consolidation worksheet as of December $31,204.$

Values In the flrst two columns $($the "parent" and "subsidlary" balances$)$ that are to be deducted should be Indlcated with a

minus sign, while all values In the "Consolldation Entrles" columns should be entered os positlve values. For occounts where

multiple adjusting entrles are requlred, comblne all deblt entrles Into one amount and enter thls amount In the deblt column of

the worksheet. SImllorly, comblne all credlt entrles Into one amount and enter thls amount In the credlt column of the

worksheet.

Answer is not complete.

b$.$ Prepare a three$-$part consolidation worksheet as of December $31,20$X$4.$

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.ksheet.