Worksheet Analysis

Provide the consolidation entries and prepare a consolidation worksheet for the year ended December 31, 2018.
Assume that a Parent company acquires a 60% interest in its Subsidiary on January 1, 2020. On the date of acquisition, the fair value of the 60% controlling interest was $1,440,000 and the fair value of the 40% noncontrolling interest was $960,000.On January 1, 2020, the book value of net assets equaled $2,400,000 and the fair value of the identifiable net assets equaled the book value of identifiable net assets (i.e. there was no AAP or Goodwill).