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Consolidation Worksheet in Year of Intercompany Transfer Prime Company holds $0 percent of Suspect Company's stock, acquired on January 1,20X2, for \$160,000. On the acquisition date, the fair value of the noncontrolling interest was $40,000. Suspect reported retained earnings of $50,000 and had $100,000 of common stock outstanding. Yrime uses the fully adjusted equity method in accounting for its investment in Suspect. Trial balance data for the two companies on December 31,20X6, are as follows: 1. At the date of combination, the book values and fair values of all separately identifiable assets and liabilities of Suspect were the same. At December 31,20X6, the management of Prime reviewed the amount attributed to goodwill as a result of its purchase of Suspect stock and concluded an impairment loss of $18,000 should be recognized in 20X6 and shared proportionately between the controlling and noncontrolling shareholders. 2. On January 1, 20X5, Suspect sold land that had cost $,000 to Prime for $15,000. 3. On January 1, 20X6, Prime sold to Suspect equipment that it had purchased for $75,000 on January 1, 20X1. The equipment has a total economic life of 15 years and was sold to Suspect for $70,000. Both companies use straight-line depreciation. 4. There was $7,000 of intercompany receivables and payables on December 31,206. Required a. Give all consolidation entries needed to prepare a consolidation worksheet for 20X6