Item$51\mathrm{.}42$points eBook Print References Check my workCheck My Work button is now enabled Item $5$ Porter Company purchased $60$ percent ownership of Service Corporation on January $1,20$X$1,$ at underlying book value. At that date, the fair value of the noncontrolling interest was equal to $40$ percent of Service$$s book value. On January $1,20$X$1,$ Porter sold $$80,000$ par value, $8$ percent, five$-$year bonds directly to Service when the market interest rate was $7$ percent. The bonds pay interest annually on December $31.$ Porter uses the fully adjusted equity method in accounting for its ownership of Service. On December $31,20$X$2,$ the trial balances of the two companies are as follows: ItemPorter CompanyService CorporationDebitCreditDebitCreditCash and Accounts Receivable$ $81,480$$ $38,720$Inventory$120,00065,000$Buildings and Equipment$500,000300,000$Investment in Service Corporation Stock$101,772$Investment in Porter Company Bonds$82,100$Cost of Goods Sold$99,80061,000$Depreciation Expense$25,00015,000$Interest Expense$5,79014,000$Dividends Declared$40,00010,000$Accumulated Depreciation$$$ $175,000$$ $75,000$Accounts Payable$68,80041,200$Bonds Payable$80,000200,000$Bond Premium$2,100$Common Stock$200,000100,000$Retained Earnings$230,06849,830$Sales$200,000114,000$Interest Income$5,790$Income from Service Corporation$17,874$Total$ $973,842$$ $973,842$$ $585,820$$ $585,820$ Required: Prepare the journal entry or entries for $20$X$2$ on Porter$$s books related to its investment in Service. Prepare the journal entry or entries for $20$X$2$ on Porter$$s books related to its bonds payable. Prepare the journal entry or entries for $20$X$2$ on Service$$s books related to its investment in Porter$$s bonds. Prepare the consolidation entries needed to complete a consolidated worksheet for $20$X$2.$ Prepare a three$-$part consolidated worksheet for $20$X$2.$