On January $1,20$X$4,$ Pierce Corporation acquired $90$ percent of Sharp Company's voting

stock, at underlying book value. The fair value of the noncontrolling interest was equal to $10$

percent of the book value of Sharp at that date.The amount of accumulated depreciation to

eliminate is $$50,000.$ Pierce uses the equity method in accounting for its ownership of Sharp.

On December $31,20$X$5,$ the trial balances of the two companies are as follows:

Required:

Give all consolidating entries required on December $31,205,$ to prepare consolidated

financial statements.

Prepare a three$-$part consolidation worksheet as of December $31,20$X$5.$