11 Prepare the consolidated Balance Sheets and eliminating entries at date of acquisition. Show work by completing the following workpaper: B U Cost Method 100% Owned Year of Acquisition Parent Company Consolidated Statements Workpaper - Cost Method P Company and Subsidiary at date of acquisition. S Eliminations Company Dr. Cr. P Consolidated Balances Company Balance Sheet Assets 57,000 226,000 75,000 95,000 26,000 43,000 20,000 422,000 120,000 148,000 45,000 Current Assets Investment in Company Difference between Implied and Book Value PPE Land 1 Goodwill Total Assets Liabilities and Equity Current Liabilities Common Stock P Company S Company Other Contributed Capital 1 P Company 2 s Company 3 Retained Earnings 1 P Company 5 S Company 3 Total Liabilities and Equity 1 130,000 1 40,000 105,000 24,000 39,000 11.000 120,000 422,000