Assignat CLO4 Pee Company acquired 80% in See Company for $800,000 on Jan 1, 2019, when See had $700,000 capital stock and $200,000 retained earnings. The excess of fair over book value relates to the goodwill. Pee acquired 60% in Bee for S240,000 on Jan 1, 2019, when Bee had $250,000 capital stock and $50,000 retained carnings. See acquired 40% in Bee on Jan 1, 2019 for $80,000, when Bee had $100,000 capital stock and $20,000 retained earnings. The excess of fair over book value relates to goodwill. . During 2018, Pee Company sold goods to See Company at a profit of $30,000. This merchandise was sold during 2019. Bee Company sold merchandise that had cost $80,000 to See Company for $100,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financial statements for the year ended December 31, 2019. Eliminations Consolidated Pee Bee See De Credit INCOME STATEMENT Sales 600,000 400.000 200.000 Income from See Ancome from Hec Cost of Sales 200.000) 150,000) 70,00 Other Expenses 1100.000 50,000) (30,000 MI Epe See MI Expense Bee Net Income Retained Earnings 1/1/19 Less Dividends Retained Earnings 12/31/19 452.000 240,000 100.000 150.000 50.000 SODO 150.000) 100,000) 50.000) 190,000 100.000 BALANCE SHEET: Kash 200,000 10,000 120.000 90.000 320.000 Accounts receivable 166.000 200.000 Inventories 300,000 220,000 plant assett 200,000 400,000 investment in See: 75% 1.162,800 Investment in Bee: 60%-2014| 344.000 100.000 Goodwill TOTAL ASSETS 12.372,800 1.100,000 $661.000 LIAB & EQUITY Accounts payable Capital Stack Retained Earnings 12/31 NC Interest 800,000 30,000 1,000,000 R30,000 199.000 $24,000 TOTAL LIAR. & EQUITY Assignat CLO4 Pee Company acquired 80% in See Company for $800,000 on Jan 1, 2019, when See had $700,000 capital stock and $200,000 retained earnings. The excess of fair over book value relates to the goodwill. Pee acquired 60% in Bee for S240,000 on Jan 1, 2019, when Bee had $250,000 capital stock and $50,000 retained carnings. See acquired 40% in Bee on Jan 1, 2019 for $80,000, when Bee had $100,000 capital stock and $20,000 retained earnings. The excess of fair over book value relates to goodwill. . During 2018, Pee Company sold goods to See Company at a profit of $30,000. This merchandise was sold during 2019. Bee Company sold merchandise that had cost $80,000 to See Company for $100,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financial statements for the year ended December 31, 2019. Eliminations Consolidated Pee Bee See De Credit INCOME STATEMENT Sales 600,000 400.000 200.000 Income from See Ancome from Hec Cost of Sales 200.000) 150,000) 70,00 Other Expenses 1100.000 50,000) (30,000 MI Epe See MI Expense Bee Net Income Retained Earnings 1/1/19 Less Dividends Retained Earnings 12/31/19 452.000 240,000 100.000 150.000 50.000 SODO 150.000) 100,000) 50.000) 190,000 100.000 BALANCE SHEET: Kash 200,000 10,000 120.000 90.000 320.000 Accounts receivable 166.000 200.000 Inventories 300,000 220,000 plant assett 200,000 400,000 investment in See: 75% 1.162,800 Investment in Bee: 60%-2014| 344.000 100.000 Goodwill TOTAL ASSETS 12.372,800 1.100,000 $661.000 LIAB & EQUITY Accounts payable Capital Stack Retained Earnings 12/31 NC Interest 800,000 30,000 1,000,000 R30,000 199.000 $24,000 TOTAL LIAR. & EQUITY
