You can answer part 3 consolidation worksheet

Name: Consolidated Worksheet at End of the Second Year of Ownership (Equity Method) On January 1, 20X8, Pierce Corporation acquired 90 percent of Sharp Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Sharp at that date. Pierce uses the equity method in accounting for its ownership of Sharp. On December 31, 20X9, the trial balances of the two companies are as follows: X Sharp Corporation Debit Credit 145,000 225,000 25,000 85,000 10,000 Current Assets Depreciable Assets Investment in Sharp Corp Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Sharp Pierce Company Debit Credit 225,500 $ 300,000 144,000 30,000 180,000 40,000 $ 150,000 45,000 75,000 100,000 282,500 253,500 13,500 919,500 $ 919,500 $ $ 100,000 20,000 90,000 75,000 80,000 125,000 $ 490,000 $ 490,000 Required: 1) Give all equity method entries required on December 31, 20X9, to prepare consolidated financial statements. 2) Give all consolidating entries required on December 31, 20X9, to prepare consolidated financial statements. 3) Prepare a three-part consolidation worksheet as of December 31, 20X9. 1. Equity Method Entries: Record Pierce Co.'s % share of Sharp Co.'s 20X9 income Record Pierce Co.'s % share of Sharp Co.'s 20x9 dividend Investment in Sharp Co. Income from Sharp Co. Ending Balance Ending Balance Income to NCI NCI Ending Balance Ending Balance Common Stock Retained Earnings Beginning Balance Beg Balance Post-Closing Balance Ending Balance 2. Elimination Entries: To reverse equity method entries made during the year and return Investment account to the beginning of year balance To record the changes to NCI during the year To eliminate the Investment account 3. Consolidation Worksheet: Sharp Co. Elimination Entries DR CR Pierce Co. Consolidated Income Statement Sales Less: Depreciation Expense Less: Other Expenses Income from Sharp Co. Consolidated Net Income Income to NCI Controlling Interest in Net Income 253,500 (30,000) (180,000) 13,500 57,000 125,000 (25,000) (85,000 15.000 Statement of Retained Earnings Beginning Balance Net Income 282,500 80,000 (40,000) Less: Dividends Declared Ending Balance (10,000) Balance Sheet Current Assets Depreciable Assets Less: Accumulated Depreciation 225,500 300,000 145,000 225,000 (150,000) (100,000) Investment in Sharp Co. Total Assets 144,000 519,500 270,000 45,000 75,000 100,000 20,000 90,000 75,000 Current Liabilities Long-Term Debt Common Stock Retained Earnings NCI in NA of Sharp Co. Total Liabilities & Equity 519,500 270,000