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.