Pan Corporation acquired 90s of San Corporation on anary 1, 2016 for $72.000 cash when Sans stockholders equity cousted of 30,000 of Common Stock and 530,000 of Retained Earnings The difference between the price paid by Pin and the underlying equity acquired in San was allocated to a plant asset with a remaining 10-year straight-line We that was overvalued by $5.00 The remainder was attributable to goodwill. The separate company statements for Pan and San appear in the first columns of the partially completed consolidation working papers Complete the consolidation working papers for Pan and San for the year 2018 and show all the Gakulations Eliminations Consolidated Pan San Debit Credit INCOME STATEMENT Sales 60,000 $22.000 Income from San Cost of Sales Depreciation Expense Other Expenses 13,000 12.0001 123.0001 9.500) (2.000 6.100 25,510 25,000 3.400 30,000 Net income Retained Earnings 1/1 Add Net income Less: Dividende Retained Earnings 12/31 25.510 ( 15.000 35,510 3.400 (3.0001 $30:400 7.000 BALANCE SHEET Cash Accounts Receivable.net Inventories Land 26.520 22.000 20,000 10.000 14.000 27.000 42.000 70.000 Equipment and Build-net Investment in San Corp 38.000 MacBook Pro % 5. & 4 E 25.000 30,000 3,400 Retained Earnings 1/1 Add: Net income Less: Dividends Retained Earnings 12/31 25,510 (15,000) 35,510 (3.000) $30,400 26,520 7.000 10,000 22,000 BALANCE SHEET Cash Accounts Receivable-net Inventories Land Equipment and Build-net Investment in San Corp 20,000 14,000 27.000 42.000 70,000 38,000 238,330 $111.000 TOTAL ASSETS LIAB. & EQUITY Accounts payable Capital Stock Retained Earnings 32,820 50,600 170.000 30,000 35,510 30,400 TOTAL LIAB, & EQUITY 238,330 $111,000 7 B I F T !!! HII MacBook Pan Corporation acquired 90s of San Corporation on anary 1, 2016 for $72.000 cash when Sans stockholders equity cousted of 30,000 of Common Stock and 530,000 of Retained Earnings The difference between the price paid by Pin and the underlying equity acquired in San was allocated to a plant asset with a remaining 10-year straight-line We that was overvalued by $5.00 The remainder was attributable to goodwill. The separate company statements for Pan and San appear in the first columns of the partially completed consolidation working papers Complete the consolidation working papers for Pan and San for the year 2018 and show all the Gakulations Eliminations Consolidated Pan San Debit Credit INCOME STATEMENT Sales 60,000 $22.000 Income from San Cost of Sales Depreciation Expense Other Expenses 13,000 12.0001 123.0001 9.500) (2.000 6.100 25,510 25,000 3.400 30,000 Net income Retained Earnings 1/1 Add Net income Less: Dividende Retained Earnings 12/31 25.510 ( 15.000 35,510 3.400 (3.0001 $30:400 7.000 BALANCE SHEET Cash Accounts Receivable.net Inventories Land 26.520 22.000 20,000 10.000 14.000 27.000 42.000 70.000 Equipment and Build-net Investment in San Corp 38.000 MacBook Pro % 5. & 4 E
