Parent Corporation Paid $90,000 to Acquire All the Common Shares

Parent Corporation paid $90,000 to acquire all the common shares of Subsidiary Inc.on December 31,2017.At that date,Parent Corporation also had an outstanding note payable to Subsidiary Inc.in the amount of $50,000.
Assume that Parent Corporation and Subsidiary Inc.had the following account balances at December 31,2017 (immediately after the investment):
$\begin{array}{lcc}\text { Assets: } & \text { Parent } & \text { Subsidiary } \\& \text { Corporation } & \text { Inc. }\\\text { Cash } & \$ 10,000 & \$ 35,000 \\\text { Note receivable from Parent Corporation } & & 50,000 \\\text { Inventory } & 40,000 & 60,000 \\\text { Investment in Subsidiary Inc. } & 90,000 & \\\text { Other assets } & \underline{110,000} & \underline{75,000} \\\text { Total } & \underline{\$ 250,000} & \underline{ \$ 220,00}\end{array}$

Liabilities and shareholders' equity:
$\begin{array}{lll}\text { Accounts payable } & \$ 30,000 & \$ 130,000 \\\text { Note payable to Subsidiary Inc. } & 50,000 & \\\text { Common shares } & 100,000 & 60,000 \\\text { Retained earnings } & \underline{70,000} & \underline{30,000} \\\text { Total } & \underline{ \$ 250,000} & \underline{\$ 220,000}\end{array}$
a_Give the consolidating worksheet entries necessary at December 31,2017 in journal entry format.
b_Prepare a consolidated balance sheet at December 31,2017.