On $1/1/24,$ P Corporation purchased $60\%$ of S Corporation for $$900,000.$ At that time, S Corp had common stock of $$750,000$ and retained earnings of $$350,000.$ An analysis of S Corp indicated that inventory had a book value of $$100,000$ and a FMV of $$120,000$ and equipment with a book value of $$50,000$ had a FMV of $$10,000.$ Fifty percent of the inventory remained in ending inventory a $12/31/24.$ The equipment had a $10-$year life when purchased and has $4$ remaining years of useful life. The equipment is being depreciated using the straight$-$line method. Additionally, P Corp discovered an unrecorded patent with a remaining $5-$year life and a FMV of $20,000.$Financial Statements for P Corp and S Corp at $12/31/24$ are presented below:P CompanyS CompanyIncome StatementSales$1,291,500560,000140,000$Other IncomeEquity Income$135,600$Total Revenue$1,427,100700,000$Cost of Goods Sold$660,000300,00020,000$Depreciation Expense$138,0008,00010,000$Interest Expense$174,000140,000$Other Expenses$980,000470,000$Total Cost and Expense$447,100230,000$Net Income to Retained EarningsStatement of Retained Earnings$1/1$ Retained EarningsPhelps Company$350,500$Sloane Company$350,000$Net Income$447,100230,000$Dividends DeclaredPhelps Company$100,000$Sloane Company$50,00012/31$ Retained Earnings$697,600530,000$Balance SheetCash$127,000170,000$Accounts Receivable$300,000210,000$Inventory$270,000175,000$Investment in Sloane Company$1,005,600$Difference betweenImplied and Book ValueLand$100,000290,000$Plant and Equipment$800,000800,000$Accumulated Depreciation$200,000200,000$Total Assets$2,402,6001,445,000$LiabilitiesAccounts Payable$125,00065,000$Bonds Payable$80,000100,000$Capital StockPhelps Company$1,500,000$Sloane Company$750,000$Retained Earnings$697,600530,000$Total Liabilities & Equity$2,402,6001,445,000$Required: In good format, use Excel to complete the following:A$.$ Computation and Allocation ScheduleB. Journalize the $2024$ entries recorded in P$\text{'}$s BooksC. Journalize the $2024$ Workpaper entriesD. Complete a $2024$ consolidated workpaper.NOTE: Your spreadsheet should contain formulas and data input sections that will allow your journal entries and consolidated workpaper to update as changes are made to any of the input variables.