B H 1 2 ORVILLE & WILBUR Consolidation Worksheet 3 FYE December 31, 2018 4 Accounts Orville (Parent) Wilbur (Subsidiary) 5 Debit Consolidation Entries Credit Noncontrolling Interest Consolidated Totals 6 Sales $ (800,000.00) $ (500,000.00) 7 Cost of goods sold $ 500,000.00 $ 300,000.00 8 9 Operating expenses $ 100,000.00 $ 60,000.00 10 Equity in earnings of Wesson $ (110,400.00) $ 11 Company net income $ (310,400.00) $ (140,000.00) 12 Consolidated net income 13 To noncontrolling interest 14 To Smith Company 15 RE, 1/1-Orville $ (1,116,000.00) 16 RE, 1/1-Wilbur $ (620,000.00) 17 18 19 20 Net income (above) 21 Dividends declared $ (310,400.00) $ $ 115,000.00 $ 22 Retained earnings, 12/31 $ (1,311,400.00) $ 23 Cash $ 186,000.00 $ 24 Accounts receivable $ 377,000.00 $ (140,000.00) 60,000.00 (700,000.00) 90,000.00 410,000.00 25 Inventory $ 720,000.00 $ 320,000.00 26 Investment in Wilbur $ 942,400.00 27 28 29 30 Land $ 180,000.00 $ 31 Buildings & equipment (net) $ 496,000.00 $ 390,000.00 300,000.00 32 Goodwill 33 Total assets 34 Liabilities 35 Common stock $ 2,901,400.00 $ $ (980,000.00) $ $ (610,000.00) $ 1,510,000.00 (400,000.00) (320,000.00) 36 Additional paid-in capital $ 37 Retained earnings, 12/31 $ (1,311,400.00) $ (90,000.00) (700,000.00) 38 NCI in Wilbur, 1/1 39 40 NCI in Wilbur, 12/31 41 Total liabilities & equity 42 $ (2,901,400.00) $ (1,510,000.00)