Answer in Excel Sheet and don't copy and paste other people's answers, including your expert friends

Potter Company acquired 51,000 shares of Slytherin Companys common stock on January 1, 2018, for $408,000 when Slytherin Company had common stock ($5 par) of $300,000 and retained earnings of $200,000. On January 1, 2020, Slytherin Company issued 15,000 additional shares of its common stock for $8.50 per share. The new shares were purchased entirely by Potter Company. Slytherin Companys retained earnings had increased to $360,000 by that date. During 2020, Slytherin Company declared dividends of $40,000 and reported net income at year-end of $90,000. Potter Company uses the cost method. Assume that any difference between implied and book values relates to subsidiary land.

Required:

A. Prepare the journal entry on Potters books to record the purchase of the new shares.

B. Prepare in general journal form the workpaper entries needed for the preparation of a consolidated statements workpaper on December 31, 2020.