Purchase Corporation purchased 60 percent of Steal Company ownership on January 1, 20X7, for $289,500. Steal reported the following net income and dividend payments:

Year Net Income Dividends Paid 20X7 $ 54,000 $ 34,000 20X8 64,000 44,000 20X9 39,000 19,000 On January 1, 20X7, Steal had $262,000 of $6 par value common stock outstanding and retained earnings of $162,000, and the fair value of the noncontrolling interest was $193,000. Steal held land with a book value of $31,500 and a market value of $39,000 and equipment with a book value of $337,000 and a market value of $377,000 at the date of combination. The remainder of the differential at acquisition was attributable to an increase in the value of patents, which had a remaining useful life of 10 years. All depreciable assets held by Steal at the date of acquisition had a remaining economic life of eight years.

d. Prepare the journal entries recorded by Purchase with regard to its investment in Steal during 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet B > Record Purchase Corp.'s 60% share of Steal Corp.'s 20x9 income. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal e. Prepare the consolidation entries needed at December 31, 20X9, to prepare a three-part consolidation worksheet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit d. Prepare the journal entries recorded by Purchase with regard to its investment in Steal during 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet B > Record Purchase Corp.'s 60% share of Steal Corp.'s 20x9 income. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal e. Prepare the consolidation entries needed at December 31, 20X9, to prepare a three-part consolidation worksheet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit