Question $3$:

On January $1,20$X$1,$ Park Corporation acquired $90\%$ of Silk Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to $10\%$ of the book value of Silk at that date. Park uses the equity method in accounting for its ownership of Silk. On December $31,20$X$1,$ the trial balances of the two companies are as follows:

$\backslash$table$[[,$Park Company,Silk Corporation$],[$Debit$,$Credit,Debit,Credit$],[$Current Assets,$$,300,000,,,$$$,130,000,,],[$Depreciable Assets,,$300,000,,,,225,000,,],[$Investment in Silk,,$139,500,,,,,,],[$Depreciation Expense,,$30,000,,,,25,000,,],[$Other Expenses,,$100,000,,,,60,000,,],[$Dividends Declared,,$30,000,,,,10,000,,],[$Accumulated Depreciation,,,$$,120,000,,,$$$,75,000],[$Current Liabilities,,,,$62,000,,,,35,000],[$Long$-$Term Debt,,,,$75,000,,,,90,000],[$Common Stock,,,,$100,000,,,,75,000],[$Retained Earnings,,,,$220,000,,,,65,000],[$Sales$,,,,300,000,,,,110,000],[$Income from Subsidiary,,,,$22,500,,,,],[,$$$,899,500,$$$,899,500,$$$,450,000,$$$,450,000]]$

Required: $($Show your detailed computation process.$)$

a$)$ Provide all consolidating entries required as of December $31,20$X$1.$

b$)$ Prepare a consolidation worksheet on December $31,20$X$1.$

c$)$ Prepare a consolidated balance sheet on December $31,201.$