b. Prepare a three-part consolidation worksheet for 20X9. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

PRICE CORPORATION AND SUBSIDIARY
Consolidated Financial Statements Worksheet
December 31, 20X9
			Consolidation Entries
	Price Corp.	Saver Co.	DR	CR	Consolidated
Income Statement
Sales
Less: COGS
Less: Wage expense
Less: Depreciation expense
Less: Interest expense
Less: Other expenses
Income from Saver Co.
Net Income	$0	$0	$0	$0	$0
Statement of Retained Earnings
Beginning balance
Net income
Less: Dividends declared
Ending Balance	$0	$0	$0	$0	$0
Assets
Cash
Accounts receivable
Inventory
Land
Buildings & equipment
Less: Accumulated depreciation
Investment in Saver Co.
Goodwill
Total Assets	$0	$0	$0	$0	$0
Liabilities & Stockholders' Equity
Accounts payable
Wages payable
Notes payable
Common stock
Retained earnings
Total Liabilities & Equity	$0	$0	$0	$0	$0

Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $122,400. At that date, the fair value of Saver's buildings and equipment was $16,000 more than the book value. Accumulated depreciation on this date was $19,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,500. No additional impairment occurred in 20X9. Trial balance data for Price and Saver on December 31, 20X9, are as follows: Trial balance data for Price and Saver on December 31, 20X9, are as follows: Saver Company Debit Credit $ 39,000 23,000 33,000 34,000 168,000 Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Saver Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company Price Corporation Debit Credit $ 65,500 92,000 104,000 55,000 364,000 136,900 136,000 35,000 25,000 12,000 23,000 33,000 $ 158,000 46,000 10,000 140,000 192,000 190,000 295,000 50,400 $1,081,400 $1,081,400 107,000 20,000 9,000 4,000 16,000 36,400 $ 37,000 11,000 4,000 123,400 59,000 47,000 208,000 $ 489,400 $489,400 Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $122,400. At that date, the fair value of Saver's buildings and equipment was $16,000 more than the book value. Accumulated depreciation on this date was $19,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,500. No additional impairment occurred in 20X9. Trial balance data for Price and Saver on December 31, 20X9, are as follows: Trial balance data for Price and Saver on December 31, 20X9, are as follows: Saver Company Debit Credit $ 39,000 23,000 33,000 34,000 168,000 Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Saver Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company Price Corporation Debit Credit $ 65,500 92,000 104,000 55,000 364,000 136,900 136,000 35,000 25,000 12,000 23,000 33,000 $ 158,000 46,000 10,000 140,000 192,000 190,000 295,000 50,400 $1,081,400 $1,081,400 107,000 20,000 9,000 4,000 16,000 36,400 $ 37,000 11,000 4,000 123,400 59,000 47,000 208,000 $ 489,400 $489,400