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Using the information in Problem 4 and assuming the beginning of the year (20X3) balance in the Investment in A account is $716,000 complete the consolidated worksheet below. To aid in this, Information from Problem 4 is repeated below. Monroe Company purchased 80% of Adams Company on January 1, 201. The purchase price paid was $600,000. On that day, the book value of Adams was $500,000. Excess of cost over book value is due to goodwill. Included in Adams's income are intercompany sales to Monroe of $40,000 with a cost to Adams of $25,000. 30% of this inventory is on hand in the Monroe inventory at December 31, 20X3. In addition, inventory sold at a profit of $5,000 was in the inventory of Monroe at December 31, 202. Below are the balances of accounts of Monroe and Adams at December 31, 203. Below are the balances of accounts of Monroe and Adams at December 31, 203. \begin{tabular}{l} a. Prepare a schedule of Excess of Cost over Book Value at the date of purchase. \\ \begin{tabular}{|l|c|c|c|} \hline Purchase price & $ & 600,000 \\ \hline Less: Book value (80%500,000) & $ & (400,000) \\ \hline Excess in Cost & $ & 200,000 & \\ \hline & & & \\ \hline \end{tabular} \\ \hline \end{tabular} b. For 20X3, prepare on the books of Monroe the full equity method journal entries. \begin{tabular}{|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ Dr. } & \multicolumn{2}{|c|}{ Cr. } \\ \hline Investment in Adams & $ & 600,000 & & \\ \hline Cash & & & $ & 600,000 \\ \hline Accounts Payable & $ & 4,500 & & \\ \hline Profit on Inventory & & & $ & 4,500 \\ \hline Investment in Adam & $ & 80,000 & & \\ \hline Income from Investr & & & $ & 80,000 \\ \hline \end{tabular}