balances for the companies on December 31, 20X4, contain the following data: Penn Corporation State Company Cash Debit Credit Debit Credit $ Accounts Receivable 32, 000 $ 37, 000 Inventory 79, 000 59, 000 126, 000 Buildings & Equipment 106, 000 670, 000 Investment in State Company 250, 000 174, 600 Cost of Goods Sold 210, 000 100, 000 Depreciation Expense 22, 000 17, 000 Other Expenses 26, 000 30 , 000 Dividends Declared 17,000 12 , 000 Accumulated Depreciation $ 167, 000 $ 92,000 Accounts Payable 167, 200 10, 000 Bonds Payable 200, 000 29 , 000 Common Stock ($10 par) 200, 000 100, 000 Additional Paid-In Capital 73, 000 29, 000 Retained Earnings 265, 000 150,000 Sales 270,000 171, 000 Income from State 14, 400 $1, 356, 600 $1, 356, 600 $611, 000 $611, 000 Totalx Answer is not complete. No Event Accounts Debit Credit A 1 Common stock 100,000 Additional paid-in capital 29,000 Retained earnings 150,000 Income from State Company NCI in NI of State Company Dividends declared Investment in State Company NCI in NA of State CompanyPENN CORPORATION AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20X4 Consolidation Entries Penn Corp. State Co. DR CR Consolidated Income Statement Sales Less: COGS Less: Depreciation Expense Less: Other Expenses Income from State Co. Consolidated Net Income 0 0 0 0 0 NCI in Net Income Controlling Interest in NI 0 0 0 0 0 Statement of Retained EarningsBeginning Balance Net Income Less: Dividends Declared ...... . . .........."' Ending Balance 0 0 0 0 0 Balance Sheet Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in State Co. Total Assets 0 0 0 0 0 Accounts Payable Bonds Payable Common Stock ............. Additional Dai In SanitalAccounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in State Co. Total Assets 0 0 0 0 0 Accounts Payable Bonds Payable Common Stock Additional Paid-In Capital Retained Earnings NCI in NA of State Co. Total Liabilities & Equity 0 0 0 0 0 mmmmm