Problem #$4-$ Consolidation with Inventory Sale $(22$ Points$)$ The December $31,2023,$ trial balances of Albert Corporation and its $70\%-$owned subsidiary Magnus Corporation are as follows: Albert Co$.$ Magnus Co$.$ Cash $$15,000$ $$45,500$ A$/$R & Other Current Receivable $410,900170,000$ Inventory $920,000739,400$ Property, Plant, & Equipment $1,000,000400,000$ Investment in Magnus Co$.1,260,000$ A$/$P & Other Current Liabilities $(140,000)(305,900)$ Common Stock $($$$10$ par$)(500,000)$ Common Stock $($$$10$ par$)(200,000)$ Retained Earnings, $1/1/23(2,800,000)(650,000)$ Dividends Declared $1,000$ Sales $(2,000,000)(650,000)$ Dividend Income $(900)$ Interest Expense $5,000$ Interest Income $(5,000)$ Cost of Goods Sold $1,500,000400,000$ Other Expenses $340,00045,000$ Totals $O Albert's investment in Magnus was purchased for $$1,260,000$ on $1/1/22.$ The cost method was used. On $1/1/22,$ Magnus had the following equity balances: Common Stock $$200,000$ Retained Earnings $$600,000$ Totals $$800,000$ Albert's excess of cost over book value on Magnus's investment has been identified as goodwill. Magnus borrowed $$100,000$ from Albert on June $30,2023,$ with the note maturing on June $30,2024,$ at $10\%$ interest. Correct accruals have been recorded by both companies. During $2023,$ Albert sold merchandise to Magnus at an aggregate invoice price of $$300,000,$ which included a profit of $$75,000.$ As of December $31,2023,$ Magnus had not paid Albert for $$90,000$ of these purchases, and $10\%$ of the total merchandise purchased from Albert still remained in Magnus's inventory. Magnus declared a $$1,000$ cash dividend in December $2023$ payable in January $2024.$ Prepare the worksheet required to produce the consolidated statements of Albert Corporation and its subsidiary, Magnus Corporation, for the year ended December $31,2023.$ Directions: Prepare the consolidated worksheet for Albert and Magnus as of December $31,2023.$ Prepare all elimination entries.