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Problem 8-4 (LO 2) Worksheet, subsidiary stock sale with parent purchase, intercompany merchandise. On January 1, 2012, Mitta Corporation acquires a 60% interest (12,000 shares) in Train Company for $156,000. Train stockholders' equity on the purchase date is as follows: Common stock ($5par)......... ........... ....... $100,000 Paid-incapital inexcessofpar ..................... 50,000 Retained earnings ............................... 80,000 Totalstockholders' equity...... ........... ....... $230,000 At the purchase date, Train's book values for assets and liabilities closely approximate fair values. Any excess of cost over book value is attributed to goodwill. On January 1, 2013, Train Company sells 5,000 shares of common stock in a public offering at $20 per share. Mitta Corporation purchases 4,000 shares. During 2013, Mitta sells $30,000 of goods to Train at a gross prot of 25%. There are $6,000 of Mitta goods in Train's beginning inventory and $8,000 of Mitta goods in Train's ending inventory. Merchandise sales by Train to Mitta are $20,000 during 2013 at a gross prot of 30%. There are $6,000 of Train goods in Mitta's beginning inventory and $2,000 of Train goods in Mitta's ending inventory. Intercompany gross prot rates have been constant for many years. There are no intercompany payables/receivables. Mitta's investment in Train Company balance is determined as follows: Originalcost ........................................................ .... $156,000 60%ofTrain 2012income ($40,000 60%).... ........... ........... 24,000 Subtotal ........ ........... ... ........ ... ........ ........... .......... $180,000 Less60%ofTrain dividends declared in2012(60% $8,000) ........ (4,800) Subtotal ........ ........... ... ........ ... ........ ........... .......... $175,200 Costtoacquireadditionalshares (new issue) ..... ........... ........... ........ 80,000 64%ofTrain 2013income ($50,000 64%).... ........... ........... ........ 32,000 Subtotal ........ ........... ... ........ ... ........ ........... .......... $287,200 Less64%ofTrain dividends declared in2013(64% $10,000)....... ........... . (6,400) Investmentbalance, December31,2013........... ........... ........... ... $280,800 The trial balances of the two companies as of December 31, 2013, are as follows: Mitta Train Corporation Company Cash ............ ........... ........... ........... ....... 63,500 106,200 Accounts Receivable ........... ........... ........... ....... 60,000 113,600 Inventory ......... ........... ........... ........... ....... 80,000 350,000 InvestmentinTrain Company ...... ........... ........... ... .280,800 Property,Plant, andEquipment..... ........... ........... ... 1,800,000 Accumulated Depreciation ........ ........... ........... ... . (600,000) Accounts Payable ....... ........... ........... ........... .. (64,000) (26,000) (89,500) (180,000) Other CurrentLiabilities......... ........... ........... ...... 360,000 BondsPayable............................................. (500,000) Mitta Train Corporation Company (8,000) Company CommonStock($10 par) .......... ........... ........... .... (1,000,000) CommonStock($5par) ..... ........... ........... .......... (125,000) Paid-In Capital inExcess ofPar ...... ........... ........... ..(125,000) Retained Earnings,January 1,2013......... ........... ...... (212,600) (112,000) Sales ....... ........... ........... ........... ............ (600,000) Subsidiary Income.......... ........... ........... .......... Costof GoodsSold ......... ........... ........... .......... 420,000 (1,950,000) (32,000) 1,170,000 Other Expenses . ........... ........... ........... .......... 130,000 630,000 Dividends Declared.... ........... ........... ........... .... 10,000 50,000 Totals ..... ........... ........... ........... ............ 0 0 Prepare the worksheet necessary to produce the consolidated nancial statements of Mitta Corporation and its subsidiary as of December 31, 2013. Include the determination and distribution of excess and income distribution schedule