Chapter 46 11 Saved Help Save & Exit Submit Check my work Police Corporation acquired 100 percent of Station Corporation's voting shares on January 1, 20X3, at underlying book value. At that date, the book values and fair values of Station's assets and liabilities were equal. Police uses the equity method in accounting for its Investment in Station. Adjusted trial balances for Police and Station on December 31, 20X3, are as follows: oints Item Police Corporation Debit Credit Current Assets $145,000 Station Corporation Debit $105,000 Credit eBook Depreciable Assets (net) 325,000 225,000 Investment in Station Corporation 170,000 Depreciation Expense 25,000 15,000 Print Other Expenses 105,000 75,000 Dividends Declared 40,000 10,000 References Current Liabilities $ 50,000 $ 40,000 Long-Term Debt 100,000 120,000 Common Stock Retained Earnings Sales Income from Station Corporation 200,000. 100,000 230,000 50,000 200,000 120,000 30,000 $810,000 $810,000 $430,000 $430,000 Chapter 40 11 Required: Seved Help Save & Exit Submit Check my work 10 points eBook P Heferences a. Prepare the basic consolidation entry required on December 31, 20X3, to prepare consolidated financial statements. (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 1 Income from Station Corporation 30,000