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Can someone please help me complete the 2018 consolidation worksheet? Paxton Company purchased 90% of the outstanding shares or slinton company's common stock on December

Can someone please help me complete the 2018 consolidation worksheet?

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Paxton Company purchased 90% of the outstanding shares or slinton company's common stock on December 31, 2017 tor $144,000 in cash. Paxton paid the prevaling market price per share (no control premium) Several of Slinton's accounts had fair market values that differed from book values a the date of acquisition: Land Building (10 year i 540,000 $58,000 Equipment 5 year 524,000 $15,000 S24.000 $16,000 The 2017 and 201 8 year-end trial balances for each company are available in an attached worksheet Paxton has stipulated that Slinton wil continue to exist as a separate legal entity Paxton uses the equity methad in accounting for Sinton's operations. Paxton uses straight-line depreclation for al of its assets. REQUIRED: Prepare consoldation worksheets for Paxton and Sinton cn a December 31, 2017 b) December 31, 2018 Account 12311712131/18 12131/18 88.000 50.400 28,000 0,000 8,000 44.000 140,000 144,000 Buicings (nat 137,200 40.000 24,000 20,000 Total assets (243,400248.40o) (160.000) (160.000, (280.00 (280.000) (240.000 5,000(58,000) 40,0004.000) Cornman stack Retained earnings 120.000 44,000 Cost of goods sold Operatng expens6s Dmiciends pad Equity Income o S Tolal liab& e 6,800 (42480 32,000 amaunts immediately after acquis ton of Sinton. 2017 Cash debit Consol 86,000 58,410 54,020 144,000 140,000 144,030 82,030 28,00 0,000 4,000 8,400 144,000 and Buildrgs (net Equpmem 156,000 202,030 100,000 40.000 28 000 Total asels Liablities Cammon stock Retained earrings (243,400 (160.000 (280,000 (56,000 (40,000 (304,400 (180,000 (280,000 40. 000 18,000 Total labities and equity 10O0 174100 Elimination Debit Credit Consol Cost of goods sold Operaing Expenses (240 C00) 20000 120.00044,000 40.00028,000 183 NCI in Income Net Income Net incame RE, and bal Cash (230,000)88.000) (122.460)| (48000) 58,000 32.000 (345 880) (104.000) 83.200 32.000 84,00038.000 78,00052.000 157,880 Buicings net) Equipment inct) 140,000 24.000 137 200 38000 78.0020 000 Total assets 24840056.000) NCI Cornmon stock Relained earnings345,880) 104.000) Total iab & equty (160,000 (40.0001

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