Persaud Corp. convinced Bracebridge Inc. that the two companies should establish Renfrew Ltd. to build a new gambling casino in Renfrew. Although chances for the casino’s success were relatively low, a local bank loaned $70 million to the new corporation, which built the casino at a cost of $66 million. Bracebridge purchased 100 percent of the initial common shares offering for $6 million, and Persaud agreed to supply 100 percent of the management which would include directing Renfrew’s day-to-day activities. Persaud also agreed to guarantee the bank loan. Additionally, Persaud guaranteed a 15 percent return to Bracebridge on its investment for the first 10 years. Persaud will receive all profits in excess of the 15 percent return to Bracebridge. Immediately after the casino’s construction, Persaud reported the following amounts (in millions): 

The only disclosure that Persaud currently provides in its financial reports about its relationships to Brace bridge and Renfrew is a brief footnote indicating that a contingent liability exists on its guarantee of Renfrew Corporation’s debt.

Required 

Prepare a consolidated balance sheet for Persaud immediately following the casino’s construction.

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Cash Buildings & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Shares Retained Earnings $5 120 (16) 4 60 30 15