At December 31, 2021, the two companies report the following balances: Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of San Marco Net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Current assets Investment in San Marco Buildings and equipment Copyrights Total assets Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings, 12/31 Total liabilities and equities Paloma $(1,843,000) 1,100,000 125,000 275,000 27,500 (121,500) $ (437,000) $(2,625,000) (437,000) 350,000 $(2,712,000) $ 1,204,000 1,854,000 931,000 950,000 $ 4,939,000 $ (485,000) (542,000) (900,000) (300,000) (2,712,000) $(4,939,000) San Marco $ (675,000) 322,000 120,000 11,000 7.000 0 $ (215,000) $ (395,000) (215,000) 25,000 $ (585,000) $ 430,000 0 863,000 107,000 $ 1,400,000 $ (200,000) (155,000) (400,000) (60,000) (585,000) $(1,400,000) At year-end, there were no intra-entity receivables or payables, Next > ery save & Exit Check She Actaunts Noncontrolling Consolidated Interest Totals Revenues PALOMA CORPORATION AND SAN MARCO COMPANY Consolidation Worksheet For Year Ending December 31, 2021 Paloma Consolidation Entries San Marco Debit Credit $ (675,000) (1.843,000) $ 1.100,000 322,000 125,000 120,000 275,000 11,000 27,500 7,000 0 (121,500) $ (437,000) 5 (215,000) cos Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of San Marco Separate company net income Consolidated net income To noncontrolling interest To Paloma Company $ Retained earnings, 1/1 Net income Dividends declared $ (2.625,000) (437,000) 350,000 $ (2.712,000) (395,000) (215,000) 25,000 (585,000) $ Retained earnings, 12/31 4 of 5 : Next > Prey Help Save & Exit Net Income Dividends declared Check (437,000) 350,000 (215,000) 25,000 Retained earnings, 12/31 (2.712,000) $ (585,000) Current assets Investment in San Marco Customer base Buildings and equipment Copyrights Goodwill Total assets $ 1,204,000 $ 1,854,000 0 931,000 950,000 430,000 0 0 863,000 107.000 $ 4,939,000 $ 1,400,000 Accounts payable Notes payable NCI in San Marco $ (485,000) $ (542,000) (200,000) (155,000) 0 Common stock Additional paid-in capital Retained earnings, 12/31 Total liabilities and equities (900,000) (300,000) (2,712,000) $ (4.939,000) (400,000) (60,000) (585,000) (1,400,000) 0 $ Required B > (Required 4 of 5 Next > ery save & Exit Check She Actaunts Noncontrolling Consolidated Interest Totals Revenues PALOMA CORPORATION AND SAN MARCO COMPANY Consolidation Worksheet For Year Ending December 31, 2021 Paloma Consolidation Entries San Marco Debit Credit $ (675,000) (1.843,000) $ 1.100,000 322,000 125,000 120,000 275,000 11,000 27,500 7,000 0 (121,500) $ (437,000) 5 (215,000) cos Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of San Marco Separate company net income Consolidated net income To noncontrolling interest To Paloma Company $ Retained earnings, 1/1 Net income Dividends declared $ (2.625,000) (437,000) 350,000 $ (2.712,000) (395,000) (215,000) 25,000 (585,000) $ Retained earnings, 12/31 4 of 5 : Next > Prey Help Save & Exit Net Income Dividends declared Check (437,000) 350,000 (215,000) 25,000 Retained earnings, 12/31 (2.712,000) $ (585,000) Current assets Investment in San Marco Customer base Buildings and equipment Copyrights Goodwill Total assets $ 1,204,000 $ 1,854,000 0 931,000 950,000 430,000 0 0 863,000 107.000 $ 4,939,000 $ 1,400,000 Accounts payable Notes payable NCI in San Marco $ (485,000) $ (542,000) (200,000) (155,000) 0 Common stock Additional paid-in capital Retained earnings, 12/31 Total liabilities and equities (900,000) (300,000) (2,712,000) $ (4.939,000) (400,000) (60,000) (585,000) (1,400,000) 0 $ Required B > (Required 4 of 5 Next >
