Silver Corporation acquired 100 percent of Bronze Company on January 1, 20X5, for $350,000. Following are selected account balances from Silver and Bronze Corporation as of December 31, 20X5: Note: The balances of the accounts are in the attached file Additional Information 1. On January 1, 20X5 the fair market value of Bronze's assets equaled their book value with the exception of Plant Assets (with an estimate economic life of 6 years) which had a fair market value in excess in Bronze's depreciable assets of $33,000. 2. Silver used the equity-method in accounting for its investment in Bronze. 3. Detailed analysis of receivables and payables showed that Bronze owed Silver $10,000 on December 31, 20X5. Required 1. Give all journal entries recorded by Silver with regard to its investment in Bronze during 20X5. 2. Give all eliminating entries needed to prepare a full set of consolidated financial statements for 20X5. 3. Prepare a three-part consolidation worksheet as of December 31, 20X5.

HW Problem Silver Corporation acquired 100 percent of Bronze Company on January 1, 20X5, for $350,000. Following are selected account balances from Silver and Bronze Corporation as of December 31, 20X5: Additional Information 1. On January 1, 20X5 the fair market value of Bronze's assets equaled their book value with the exception of Plant Assets (with an estimate economic life of 6 years) which had a fair market value in excess in Bronze's depreciable assets of $33,000. 2. Silver used the equity-method in accounting for its investment in Bronze. 3. Detailed analysis of receivables and payables showed that Bronze owed Silver $10,000 on December 31, 20X5. Required 1. Give all journal entries recorded by Silver with regard to its investment in Bronze during 20X5. 2. Give all eliminating entries needed to prepare a full set of consolidated financial statements for 20X5. 3. Prepare a three-part consolidation worksheet as of December 31, 20X5