Server Corporation is a majority-owned subsidiary of Proxy Corporation. Proxy acquired 75 percent ownership on January 1, 20X3, for $133,500. At that date, Server reported common stock outstanding of $60,000 and retained earnings of $90,000, and the fair value of the noncontrolling interest was $44,500. The differential is assigned to equipment, which had a fair value $28,000 more than book value and a remaining economic life of seven years at the date of the business combination. Server reported net income of $30,000 and paid dividends of $12,000 in 20x3. A Record the basic consolidation entry. Record the amortized excess value reclassification entry. Record the excess value (differential) reclassification entry. b. Prepare the consolidation entries needed at December 31, 20X3, to prepare consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Event Accounts Debit Credit 1 30,000 60,000 90,000 Income from Server Corporation Common stock Retained earnings NCI in Nl of Server Corporation Dividends declared Investment in Server Corporation NCI in NA of Server Corporation ololololololo 3,000 10,500 B 2 4,000 > Depreciation expense Income from Server Corporation NCI in Nl of Server Corporation OO 3,000 1,000 3 4,000 4,000 Retained earnings Income from Server Corporation NCI in NI of Server Corporation Investment in Server Corporation