Proud Corporation acquired 80 percent of Spirited Company's voting stock on January 1,203, at underlyIng book value. The falr value of the noncontrolling Interest was equal to 20 percent of the book value of Spirited at that date. Assume that the accumulated depreclation on depreclable assets was $60,000 on the acquisition date. Proud uses the equity method In accounting for Its ownership of Splrited during 20X3. On December 31, 20X3, the trlal balances of the two companles are as follows: Required: a. Prepare all consolidation entrles required as of December 31,203, to prepare consolidated financlal statements. Note: If no entry is required for a transaction/event, select "No journal entry required" In the flist account fleld. Consolidation Worksheet Entries Ivule; cIItel ueulis velure Gieulis. . Prepare all consolidation entrles required as of December 31,203, to prepare consolidated financlal statements. Note: If no entry is required for a transaction/event, select "No journal entry required" In the flist account fleld. Consolidation Worksheet Entries Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits. multiple adjusting entrles are required, combine all debit entrles Into one amount and enter this amount in th the worksheet. Simllarly, comblne all credit entrles Into one amount and enter thls amount in the credlt colur w c. Prepare a consolidated balance sheet, Income statement, and retalned earnIngs statement for 203. Note: Amounts to be deducted should be Indlcated with a minus sign. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ PROUD CORPORATION AND SUB SIDIARY } \\ \hline \multicolumn{2}{|c|}{ Consolidated Income Statement } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total expenses & & \\ \hline Consolidated net income & & \\ \hline & & \\ \hline Income to controlling interest & & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ PROUD CORPORATION AND SUB SIDIARY } \\ \hline \multicolumn{2}{|c|}{ Consolidated Retained Earnings Statement } \\ \hline \multicolumn{2}{|c|}{ Year Ended December 31, 20X3 } \\ \hline Retained Earnings, January 1,203 & \\ \hline Income to Controlling Interest, 203 & \\ \hline Dividends Declared, 203 & \\ \hline Retained Earnings, December 31, 20X3 & \\ \hline \end{tabular}