REQUIRED Assume Pinkett acquired Smith on 1/1/X1 Prepare all consolidation entries as of 12/31/X1. Prepare a consolidation worksheet at 12/31/X1. Assume Smith's accumulated depreciation on 1/1/X1 was $20,000. Objective: Eliminate equity accounts of Subsidiary. Eliminate equity method accounts of Parent. Book Value Calculations: Beginning book value + Net Income - Dividends Ending book value Basic consolidation Entry Common Stock Retained Earnings (BB) Income from Smith, Inc. Dividends Declared Investment in Smith, Inc. Parent's Investment Account 100% = Common Stock Retained + Earnings 0 0 0