Please solve in excel.

4. On January 1, 2016, Parent Company purchased 100% of the common stock of Subsidiary Company for $390,000. On this date, Subsidiary had common stock, other paid in capital, and retained earnings of $50,000, $100,000, and $200,000 respectively. Any excess of cost over book value is due to goodwill. Parent accounts for the Investment in Subsidiary using the simple equity method. On January 1, 2017, Parent purchased equipment for $204,120 and immediately leased the equipment to Subsidiary on a 4-year lease. The minimum lease payments of $60,000 are to be made annually on January 1, beginning immediately, for a total of 4 payments. The implicit interest rate is 12%. The lease provides for an automatic transfer of title at the end of 4 years. The estimated useful life of the equipment is 6 years. The lease has been capitalized by both companies. A lease amortization schedule, applicable to either company, is presented below: Carrying Carrying Interest Value on Value Rate Interest Payment Reduction 1-1-17 $204,120 - 60,000 1-1-17 144,120 12% $17,294 $60,000 $42,706 - 42,706 1-1-16 101,414 12% 12,170 60,000 47,830 - 47.830 1-1-19 53,584 12% 6,416* 60,000 53,584 - 53,584 1-1-21 $ 0 *Adjusted for rounding error. On January 1, 2017, Parent held merchandise acquired from Subsidiary for $10,000. During 2017, subsidiary sold merchandise to Parent for $50,000, of which $15,000 is held by Parent on December 31, 2017. Subsidiary's usual gross profit on affiliated sales is 40%. Required: Complete the worksheet for consolidated financial statements for the year ended December 31, 2017. Round all computations to the nearest dollar. (The worksheet below can be copied into Excel. Add rows as needed.) Also, prepare journal entries for the eliminations. (No explanations) Trial Balance Eliminations and Consol Ctrl Consol Parent Sub. Adjustments Income Retained Balance Account Titles Comp Comp Debit Credit Statement NCI Earnings Sheet Current Assets 234,196 280,504 Min. Lease Payments Rec. 120,000 Unearned Interest Income -6,416 560,000 Investment in Sub. Company Land 100,000 60,000 Buildings and Equipment 350,000 300,000 Accumulated Depreciation 120,000 -80,000 204,120 Equipment under Cap. Lease -68,040 Acc Depr - Eq. Cap Lease Goodwill Current Liabilities -135,000 -48,000 -101,414 Obligation under Cap. Lease Interest Payable on Lease -12,170 Other Long-Term Liabilities -200,000 -15,000 Common Stock-P Co. -200,000 Other Paid-in Capital-P Co. -100,000 Retained Earnings - P Co. -482.780 Common Stock - S Co. -50,000 Other Paid-in Capital - S Co. -100,000 Retained Earnings - S Co. -310,000 Net Sales -600,000 -350,000 Cost of Goods Sold 372,170 200,000 140,000 67,830 Operating & Other Expenses Interest Income on Lease -12,170 Interest Expense on Lease 12,170 Subsidiary Income -70,000 50,000 Dividends Declared-P Co. Dividends Declared - S Co. 10,000 Consolidated Net Income To NCI To Controlling Interest Total NCI Ret. Earn. Contr. Int. 12-31 0 0 4. On January 1, 2016, Parent Company purchased 100% of the common stock of Subsidiary Company for $390,000. On this date, Subsidiary had common stock, other paid in capital, and retained earnings of $50,000, $100,000, and $200,000 respectively. Any excess of cost over book value is due to goodwill. Parent accounts for the Investment in Subsidiary using the simple equity method. On January 1, 2017, Parent purchased equipment for $204,120 and immediately leased the equipment to Subsidiary on a 4-year lease. The minimum lease payments of $60,000 are to be made annually on January 1, beginning immediately, for a total of 4 payments. The implicit interest rate is 12%. The lease provides for an automatic transfer of title at the end of 4 years. The estimated useful life of the equipment is 6 years. The lease has been capitalized by both companies. A lease amortization schedule, applicable to either company, is presented below: Carrying Carrying Interest Value on Value Rate Interest Payment Reduction 1-1-17 $204,120 - 60,000 1-1-17 144,120 12% $17,294 $60,000 $42,706 - 42,706 1-1-16 101,414 12% 12,170 60,000 47,830 - 47.830 1-1-19 53,584 12% 6,416* 60,000 53,584 - 53,584 1-1-21 $ 0 *Adjusted for rounding error. On January 1, 2017, Parent held merchandise acquired from Subsidiary for $10,000. During 2017, subsidiary sold merchandise to Parent for $50,000, of which $15,000 is held by Parent on December 31, 2017. Subsidiary's usual gross profit on affiliated sales is 40%. Required: Complete the worksheet for consolidated financial statements for the year ended December 31, 2017. Round all computations to the nearest dollar. (The worksheet below can be copied into Excel. Add rows as needed.) Also, prepare journal entries for the eliminations. (No explanations) Trial Balance Eliminations and Consol Ctrl Consol Parent Sub. Adjustments Income Retained Balance Account Titles Comp Comp Debit Credit Statement NCI Earnings Sheet Current Assets 234,196 280,504 Min. Lease Payments Rec. 120,000 Unearned Interest Income -6,416 560,000 Investment in Sub. Company Land 100,000 60,000 Buildings and Equipment 350,000 300,000 Accumulated Depreciation 120,000 -80,000 204,120 Equipment under Cap. Lease -68,040 Acc Depr - Eq. Cap Lease Goodwill Current Liabilities -135,000 -48,000 -101,414 Obligation under Cap. Lease Interest Payable on Lease -12,170 Other Long-Term Liabilities -200,000 -15,000 Common Stock-P Co. -200,000 Other Paid-in Capital-P Co. -100,000 Retained Earnings - P Co. -482.780 Common Stock - S Co. -50,000 Other Paid-in Capital - S Co. -100,000 Retained Earnings - S Co. -310,000 Net Sales -600,000 -350,000 Cost of Goods Sold 372,170 200,000 140,000 67,830 Operating & Other Expenses Interest Income on Lease -12,170 Interest Expense on Lease 12,170 Subsidiary Income -70,000 50,000 Dividends Declared-P Co. Dividends Declared - S Co. 10,000 Consolidated Net Income To NCI To Controlling Interest Total NCI Ret. Earn. Contr. Int. 12-31 0 0