11-43: 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 21, 20X4, in the condensed accounts follow:

Parent.......................S-1.......................S-2

Sales in 20X4.................................................................................320,000.................80,000....................100,000

Investment in subsidaries............................................................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

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.