Purple Company Sage Corporation Credit Credit Debit $ 58,000 80,000 9,000 100.000 360.000 Debit $100,000 120,000 200.000 270.000 120,000 364.500 280,000 40,000 131,000 170,000 30,000 20,000 Cash Accounts Receivable Dividends Receivable Inventory Buildings & Equipment (net) Investment in Sage Corporation Preferred Stock Common Stock Cost of Goods Sold Depreciation & Amortization Other Expenses Dividends Declared Preferred Stock Common Stock Accounts Payable Bonds Payable Dividends Payable Preferred Stock Common Stock Retained Earnings Sales Dividend Income Income from Sage Corporation Total 60,000 15.000 10,000 $ 70,000 $ 100,000 300.000 15,000 200,000 100,000 250.000 300,000 200,000 435.000 500,000 9,000 58,500 $1,602,500 $1,602,500 $935,000 $935,000 page 499 Sage preferred shares pay a 75 percent annual dividend and are cumulative. Preferred dividends for 20x6 were declared on December 31, 20X6, and are to be paid January 1, 20x7. Required 1. Prepare the consolidation entries needed to complete a worksheet for 20X6. 5. Prepare a consolidation worksheet as of December 31, 20X6