Journal entry worksheet Record the basic consolidation entry. Note: Enter debits before credits. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ PENN CORPORATION AND SUBSIDIARY } \\ \hline \multicolumn{6}{|c|}{ Consolidated Financial Statement Worksheet } \\ \hline \multicolumn{6}{|c|}{ December 31,20X4} \\ \hline & \multirow[b]{2}{*}{PennCorporation} & \multirow[b]{2}{*}{StateCompany} & \multicolumn{2}{|c|}{ Consolidation Entries } & \multirow[b]{2}{*}{ Consolidated } \\ \hline & & & Debit & Credit & \\ \hline \multicolumn{6}{|l|}{ Income Statement } \\ \hline \multicolumn{6}{|l|}{ Sales } \\ \hline \multicolumn{6}{|l|}{ Less: Cost of goods sold } \\ \hline \multicolumn{6}{|l|}{ Less: Depreciation Expense } \\ \hline \multicolumn{6}{|l|}{ Less: Other Expenses } \\ \hline \multicolumn{6}{|l|}{ Income from State Company } \\ \hline \multicolumn{6}{|l|}{ Consolidated Net Income } \\ \hline \multicolumn{6}{|l|}{NCl in Net Income } \\ \hline \multicolumn{6}{|l|}{ Controlling Interest in NI } \\ \hline \multicolumn{6}{|c|}{ Statement of Retained Earnings } \\ \hline \multicolumn{6}{|l|}{ Beginning Balance } \\ \hline \multicolumn{6}{|l|}{ Net Income } \\ \hline \multicolumn{6}{|l|}{ Less: Dividends Declared } \\ \hline \multicolumn{6}{|l|}{ Ending Balance } \\ \hline \multicolumn{6}{|l|}{ Balance Sheet } \\ \hline \multicolumn{6}{|l|}{ Cash } \\ \hline \multicolumn{6}{|l|}{ Accounts Receivable } \\ \hline \multicolumn{6}{|l|}{ Inventory } \\ \hline \multicolumn{6}{|l|}{ Buildings and Equipment } \\ \hline \multicolumn{6}{|l|}{ Less: Accumulated Depreciation } \\ \hline \multicolumn{6}{|l|}{ Investment in State Company } \\ \hline Total Assets & & & & & \\ \hline \end{tabular} Penn Corporation purchased 80 percent ownership of State Company on January 1,202, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of State. On January 1, 20X4, Penn sold 2,000 shares of State's stock for $75,000 to Nonaffiliated Company and recorded a $17,000 increase in additional paid-in capital. Trial balances for the companies on December 31, 20X4, contain the following data: State's net income was earned evenly throughout the year. Both companies declared and paid their dividends on December 31, 204. Penn uses the equity method in accounting for its investment in State. Required: a. Prepare the consolidation entries needed to complete a worksheet for 204. b. Prepare a consolidation worksheet for 204