11-43 Consolidated Financial Statements and Non-controlling Interest

The parent company owns 70% of the common stock of Company S-1 and 60% of the common stock of Company S-2. The balances as of December 31, 20X4, in the condensed accounts follow: ($ in thousands) Parent S-1 S-2 Sales in 20X4 320,000 80,000 100,000 Investment in subsidiaries* 58,000 other assets 152,000 90,000 20,000 Liabilities to creditors 110,000 20,000 5,000 Expenses in 20X4 300,000 90,000 90,000 Stockholders equity, including current net income 100,000 70,000 15,000 * Accounted for using the equity method. Prepare a consolidated balance sheet as of December 31, 20X4, and a consolidated income statement for 20X4 ($ in millions of dollars). Assume none of the companies sold items to each other.