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McKinney Enterprises acquired Pottsboro, Inc. on January $1,2019.$ The $$440,000$ excess of cost over book value$$of Pottsboro$$s net assets was partly attributable to a patent undervalued by $$210,000.$ The patent has a $10-$year$$life$.$ There were no other FMV Adjustments than the patent.$$ The parent uses the equity method of pre$-$consolidation Equity$$investment bookkeeping. The separate financial statements of the two companies for $2022$ are presented below.REQUIREMENTS ARE AT THE BOTTOM OF THE WORKSHEET!!!$$McKinney EnterprisesYr Ended $12/31/22$Pottsboro$,$ Inc.Yr Ended $12/31/22$Sales revenue$$3,100,000$$$440,000$Cost of goods sold$(1,580,000)(252,000)$Gross profit$1,520,000188,000$Operating expenses$(485,000)(68,000)$Equity income$99,000-$Net Income$$1,134,000$$$120,000$Retained Earnings, $1/1/22$$$1,700,000$$$750,000$Net income$1,134,000120,000$Dividends$(65,000)(42,000)$Retained Earnings, $12/31/22$$$2,769,000$$$828,000$Cash and receivables$$535,000$$$501,000$Inventory$758,000840,000$Equity investment$1,844,160$Property$,$ plant & equipment $($Net$)4,558,8401,205,480$Total Assets$$7,696,000$$$2,546,480$Accounts payable$$265,000$$$182,430$Accrued liabilities$458,000272,390$Notes payable$780,000603,500$Common stock$460,000204,540$Additional paid$-$in capital$2,964,000455,620$Retained Earnings, $12/31/222,769,000828,000$Total Liabilities and Equities$$7,696,000$$$2,546,480$Required:$$a$.)$ Prepard all the Equity Accounting Entries $($in good form$)$ of the Parent for $2022$ including a carryforward worksheet$$b$.)$ Prepare the General ledger T$-$account of the Equity Investment of the Parent Based upon entries in $($a$)$ and the ending balance in the above TBalso calculate the beginning balance of the equity investment account in the T$-$Account.$$b$.)$ Prepare all necessary consolidation entries for $2022$ consolidated financial statements.$$c$.)$ Prepare the Consolidated worksheet$$d$)$ Prepare in good form the Consolidated financial statements except cash flow

Please prepare in an Excel spreadsheet, show calculations within each cell, and show the debits and credits. Also, prepare in good form the Consolidated financial statements except cash flow when doing the consolidated worksheet $($income statement, then statement of retained earnings, and finally balance sheet$).$ Please show all computations in each cell.

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