Additional Requirements: Complete Journal and elimination entries (in journal form, not just on worksheet)

1. On January 1, 2016 Prange Company acquired 100% of the common stock of Seaman Company for $600,000. On this date Seaman had total owners' equity of $400,000. Any excess of cost over book value is attributable to a patent, which is to be amortized over 10 years. 20000 During 2016 and 2017, Prange has appropriately accounted for its investment in Seaman using the simple equity method. 12600 On January 1,2017, Prange held merchandise acquired from Seaman for $30,000. During 2017, Seaman sold merchandise to Prange for $100,000, of which $20,000 is held by Prange on December 31, 2017. Seaman's gross profit on all sales is 40%. On December 31, 2017, Prange still owes Seaman $20,000 for merchandise acquired in December. Required: Complete the worksheet for consolidated financial statements for the year ended December 31,2017