Land Corporation acquired 100 percent of Growth Company€™s voting stock on January 1, 20X4, at underlying book value. Land uses the equity method in accounting for its ownership of Growth. On December 31, 20X4, the trial balances of the two companies are as follows:

Required
a. Give all elimination entries required on December 31, 20X4, to prepare consolidated financial statements.
b. Prepare a three-part consolidation worksheet as of December 31,20X4.

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Land Corporation Debit Growth Company Debit Item Credit Credit $150,000 300,000 238,000 500,000 190,000 25,000 150,000 50,000 Current Assets Depreciable Assets Investment in Growth Company Stock Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Income from Subsidiary 15,000 90,000 15,000 $ 200,000 70,000 100,000 200,000 318,000 230,000 35,000 S 90,000 50,000 120,000 100,000 70,000 140,000 1,153,000 $1,153,000 $570,000 $570,000