f. On January 1, 2019, Black Jack Corporation sells its 60% interest in Zeppo Company common stock for $130,000. 1. Prepare the worksheet necessary to produce the consolidated financial statements of...

f. On January 1, 2019, Black Jack Corporation sells its 60% interest in Zeppo Company common stock for $130,000.

1. Prepare the worksheet necessary to produce the consolidated financial statements of Black Jack Corporation and its subsidiary for the year ended December 31, 2018. Include the determination and distribution of excess and income distribution schedules.

2. Prepare the entries on Black Jack Corporation’s books to reflect the sale of its investment in Zeppo Company common stock on January 1, 2019.