Could you help with step-by-step instructions on how to answer the consolidation entries?Please do not just give me the answers but a description of how to get the answers.

Pop Corporation acquired 70 percent of Soda Company's voting common shares on January 1, 20X2, for $114,800. At that date, the noncontrolling interest had a fair value of $49,200 and Soda reported $70,000 of common stock outstanding and retained earnings of $25,000. The differential is assigned to buildings and equipment, which had a fair value $22,000higher than book value and a remaining 10-year life, and to patents, which had a fair value $47,000 higher than book value and a remaining life of five years at the date of the business combination. Trial balances for the companies as of December 31, 20X3, are as follows:

	Pop Corporation		Soda Company
Item		Debit		Credit		Debit		Credit
Cash & Accounts Receivable		$	17,400						$	23,600
Inventory			167,000							37,000
Land			82,000							42,000
Buildings & Equipment			360,000							262,000
Investment in Soda Company			117,100
Cost of Goods Sold			188,000							81,800
Depreciation Expense			25,000							20,000
Interest Expense			18,000							7,200
Dividends Declared			32,000							17,000
Accumulated Depreciation					$	142,000							$	90,000
Accounts Payable						94,400								37,000
Bonds Payable						234,180								90,000
Bond Premium														1,600
Common Stock						122,000								70,000
Retained Earnings						129,900								62,000
Sales						262,000								140,000
Other Income						11,600
Income from Soda Company						10,420
		$	1,006,500		$	1,006,500			$	490,600			$	490,600

On December 31, 20X2, Soda purchased inventory for $30,000 and sold it to Pop for $50,000. Pop resold $29,000 of the inventory (i.e., $29,000 of the $50,000 acquired from Soda)during 20X3 and had the remaining balance in inventory at December 31, 20X3. During 20X3, Soda sold inventory purchased for $54,000 to Pop for $90,000, and Pop resold all but $26,000 of its purchase. On March 10, 20X3, Pop sold inventory purchased for $16,000 to Soda for $32,000. Soda sold all but $8,000 of the inventory prior to December 31, 20X3. Assume Pop uses the fully adjusted equity method, that both companies use straight-line depreciation, and that no property, plant, and equipment has been purchased since the acquisition. Required: a. Prepare all consolidation entries needed to prepare a full set of consolidated financial statements at December 31, 20X3, for Pop and Soda.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

No Entry Accounts Debit Credit A 1 Common stock 70,000 Retained earnings 62,000 Income from Soda Company NCI in NI of Soda Company Dividends declared 17,000 Investment in Soda Company NCI in NA of Soda Company 2 Amortization expense Depreciation expense Income from Soda Company NCI in NI of Soda Company C 3 Buildings and equipment Patents Accumulated depreciation Investment in Soda Company NCI in NA of Soda Company D 4 Accumulated depreciation Buildings and equipment E 5 NCI in NA of Soda Company Investment in Soda Company Cost of goods soldF NCI in NA of Soda Company Investment in Soda Company Inventory G 7 Sales Cost of goods sold Inventory