assuming the beginning of the year (20X3) balance in the investment in A account is $716,000 complete the consolidated worksheet below. To aid in this, Information from Problem 4 is repeated below. Monroe Company purchased 80% of Adams Company on January 1, 20X1. The purchase price paid was $600,000. On that day, the book value of Adams was $500,000. Excess of cost over book value is due to goodwill. Included in Adams's income are intercompany sales to Monroe of $40,000 with a cost to Adams of $25,000. 30% of this inventory is on hand in the Monroe inventory at December 31, 20X3. In addition, inventory sold at a profit of $5,000 was in the inventory of Monroe at December 31, 20x2. Below are the balances of accounts of Monroe and Adams at December 31, 20X3. Consolidation Entries Consolidated Bal. Dr. Cr. Monroe Adams $50,000 $250,000 Sales $30,000 $150,000 CGS & Expenses Income from S. Income NCI Controlling Interest $100,000 Retained Earnings Jan 1, 10 Dividends Retained Earnings Dec 31, 10 $700,000 $190,000 100.000 0 $290,000 Cash Receivables Inventory Equipment (net) Patents Investment in A $120,000 90,000 100.000 100,000 $30,000 70,000 100,000 350,000 50,000 Goodwill Land Building (net) 100,000 120.000 100,000 100,000 $800,000 Accounts Payable Capital Stock Non-Controlling interest $126,000 600,000 $50,000 460,000 Retained Earnings (12/31) 290,000 $800,000