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Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $195,000. The trial balances for the two companies on December 31, 20X7, included the following amounts Prince Corporation Sword Compan Debit Debit Credit Credit Item Cash Accounts Receivable Inventory Land Buildings and Equipment Investment in Sword Company Cost of Goods Sold Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Mortgages Payable Common Stock Retained Earnings Sales Income from Sword Company $35,00e 67,000 118,000 30,000 162,000 $ 93,000 62,000 184,000 91,000 498,000 247,000 498,000 24,000 66,000 53,000 257,000 14,000 66,000 24,000 $ 151,000 57,000 194,000 285,000 361,000 692,000 76,000 $1,816,000 $1,816,900 $ 70,000 24,000 125,000 42,000 96,000 416,000 $773,000 773,000 Additional Information Additional Information 1. On January 1, 20X7, Sword reported net assets with a book value of $138,000. A total of $24,000 of the acquisition price is applied 2. Sword's depreciable assets had an estimated economic life of 11 years on the date of combination. The difference between fair . Prince used the equity-method in accounting for its investment in Sword. to goodwill, which was not impaired in 20X7. value and book value of tangible assets is related entirely to buildings and equipment. . Detailed analysis of receivables and payables showed that Sword owed Prince $19,000 on December 31, 20X7 equired: . Prepare all journal entries recorded by Prince with regard to its investment in Sword during 20X7. (If no entry is required for a ransaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the initial investment in Sword Co b. Prepare all consolidating entries needed to prepare a full set of consolidated financial statements for 20X7 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit c. Prepare a three-part consolidation worksheet as of December 31, 20X7. (Values in the first two columns (the "parent and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PRINCE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31.20X7 Consolidation Entries Prince Corp Sword Co DR CR Consolidated Income Statement Sales Less: COGS Less: Depreciation expense Less: Other expenses Income from Sword Co Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Balance Sheet Assets Cash Accounts receivable Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Sword Co Goodwil Total Assets Liabilities & Equity Accounts payable Mortgages payable Common stock Retained earnings Total Liabilities & Equity