Purple Company acquired 70 percent of Silk Company's outstanding common stock for $44,800 on January 1, 2020, equals to the book value of Silk's net assets. Adjusted trial balance data for Purple and Silk as of December 31, 2020, are as follows (all amounts are in dollars): Purple Company Silk Company DR CR DR CR $10,500 7,500 7,600 Cash Accounts Receivable Inventory Investment in Silk Land Buildings and equipment Cost of Goods Sold Depreciation Expense Selling and Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bands Payable Comman Stock Retained Earnings Sales Income from Silk $15,000 23,000 22,000 54,600 22,000 87,500 32,500 6,700 25,600 8,200 "27,700 58,000 38,200 3,200 15,600 4,000 $46,500 29,300 20,000 80,000 28,700 80,000 12,600 $15,000 8,300 10,000 40,000 24,000 75,000 87,500 32,500 6,700 25,600 8,200 58,000 38,200 3,200 15,600 4,000 Buildings and equipment Cost of Goods Sold Depreciation Expense Selling and Administrative Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Sales Income from Silk $46,500 29,300 20,000 80,000 28,700 80,000 12,600 $15,000 8,300 10,000 40,000 24,000 75,000 Total $297,100 $297,100 $172,300 $172,300 a) Prepare the journal entries related to the investment in Silk Company during 2020 (15 points). b) Prepare Book Value calculation table (10 points) c) Prepare basic consolidation entry (28 points) d) Prepare accumulated depreciation consolidation entry (10 points). e) Prepare a consolidation worksheet for 2020 in good form (30 points) f) Prepare a consolidated balance sheet as of December 31 2020 (7 points)