Question: Please help me answer this question: On January 1, 20X3, Plimsol Company acquired 100 percent of Shipping Corporation's voting shares, at underlying book value. Plimsol

Please help me answer this question:

On January 1, 20X3, Plimsol Company acquired 100 percent of Shipping Corporation's voting shares, at underlying book value. Plimsol uses the cost method in accounting for its investment in Shipping. Shipping's reported retained earnings of $75,000 on the date of acquisition. The trial balances for Plimsol Company and Shipping Corporation as of December 31, 20X4, follow:

Please help me answer this question: On January 1, 20X3, Plimsol Company

Required:

Provide all consolidating entries required to prepare a full set of consolidated statements for 20X4.

Prepare a three-part consolidation worksheet in good form as of December 31, 20X4.

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