Q11- On January 1, 20X8, Gregory Corporation acquired 90 percent of Nova Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Nova at that date. Gregory uses the equity method in companies are as ownership of Nova. On December 31, 20X8. the trial halannas of the two Required: 1) Give all eliminating entries required on December 31,208, to prepare consolidated financial statements. Show all workings. 2) Complete a three-part consolidation worksheet as of December 31, 20X8. Consolidation worksheet is on the last page of this exam. Less: Depreciation Expent from Nova Co. Consolidated Not Income NCl in Net Income Controlling Interest in Net Income Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Current Assets Depreciable Assets Less: Accumulated Depreciation Investment in Nova Co. Total Assets Current Liabilities Long-Term Debt Common Stock Retained Eamings NCl in NA of Nova Co. Total Liabilities \& Equity