Question 2 On January 1, 20X8, Pierce Corporation acquired 90 percent of Sharp 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 Sharp at that date. The amount of accumulated depreciation to eliminate is $50,000. Pierce uses the equity method in accounting for its ownership of Sharp. On December 31, 20X9, the trial balances of the two companies are as follows: Pierce Company Sharp Corporation Debit Credit Debit Credit Current Assets $ 225,50 $ 145,00 0 Depreciable Assets 300,00 225,00 0 Investment in Sharp 144,00 Corp. 0 Depreciation Expense 30,000 25,000 Other Expenses 180,00 85,000 0 Dividends Declared 40,000 10,000 Accumulated $ 150,00 $ 100,00 Depreciation 0 0 Current Liabilities 45,000 20,000 Long-Term Debt 75,000 90,000 Common Stock. 100,00 75,000 0 Retained Earnings, 282,50 80,000 0 Sales 253,50 0 125,00 D Income from Sharp 13,500 $ 919,50 $ 919,50 $ 490,00 $490,00 O Required: 1) Give all consolidating entries required on December 31, 20X8, to prepare consolidated financial statements. 2) Prepare a three-part consolidation worksheet as of December 31, 20X8.