(Questions 79). On January 1, 20X9, Zigma Company acquired 100 percent of Standard Company's common shares for cash at underlying book value. Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are as follows (Assume the company prepares the optional Accumulated Depreciation Elimination Entry): Standard Co. Zigma Co. Debit Credit Item Debit Credit $238,000 $95,000 300.000 Current Assets Depreciable Assets Investment in Standard Co. 170,000 100,000 90,000 70,000 30,000 17,000 32,000 10.000 $120,000 $ 85,000 Other Expenses Depreciation Expense Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales 50,000 30,000 120.000 100,000 175,000 200,000 50,000 50,000 35,000 112,000 Income from Standard Co. 25,000 $790,000 $790,000 $362,000 $362,000 7. Prepare the journal entries on Zigma's books for the acquisition of Standard on January 1, 20X9. 8. Prepare equity- method entry(ies) related to the investment in Standard Company during 20X9. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TT T Arial 3 (12pt) T ABC Path: QUESTION 9 9. Prepare the consolidation entries needed as of December 31, 20X9, to complete a consolidation worksheet