Consolidated Workpaper: Two Cases The following two separate cases show the financial position of a parent company and its subsidiary company on November 30, 2004, just after the parent had purchased 90% of the subsidiary’s stock: LO7 Case IT P Company — S Company $ 780,000 $280,000 190,000 1,200,000 400,000 70,000 70,000 Case I P Company — S Company Current Assets $ 880,000 $260,000 Investment in S Company 190,000 Long-Term Assets 1,400,000 400,000 Other Assets 90,000 40,000 Total $2,560,000 $700,000 $2,240,000 $750,000 Current Liabilities $ 640,000 $270,000 $ 700,000 $260,000 Long-Term Liabilities 850,000 290,000 920,000 270,000 Common Stock | 600,000 180,000 600,000 180,000 Retained Earnings 470,000 (40,000) 20,000 40,000 Total $2,560,000 $700,000 $2,240,000 $750,000 Required:
Prepare a November 30, 2004, consolidated balance sheet workpaper for each of the foregoing cases. Any difference between the cost of the investment and the book value of equity acquired relates to subsidiary long-term assets.