can you help me prepare a consolidated balance sheet for Greene.

Preparation of Consolidated Balance Sheet

Greene Company purchased 60 percent of White Corporation's voting shares on June 3, 2012, at book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent

of the book value of White Corporation. The companies' permanent accounts on December 31, 2017, contained the following balances:

Greene Company

White Corporation

Cash and Receivables

$101,000

$20,000

Inventory

80,000

40,000

Land

150,000

90,000

Buildings & Equipment

400,000

300,000

Investment in White Corporation Stock

141,000

________

$872,000

$450,000

Accumulated Depreciation

$135,000

$85,000

Accounts Payable

90,000

25,000

Notes Payable

200,000

90,000

Common Stock

100,000

200,000

Retained Earnings

347,000

50,000

$872,000

$450,000

On January 1, 2013, Greene paid $100,000 for equipment with a 10-year expected total economic life.

The equipment was depreciated on a straight-line basis with no residual value.

White purchased the equipment from Greene on December 31, 2015, for $91,000. Assume White did not change the remaining estimated useful life of the equipment.

White sold land it had purchased for $30,000 on February 23, 2015, to Greene for $20,000 on October 14, 2016. Assume Greene uses the fully adjusted equity method.

Required

1. Prepare a consolidated balance sheet worksheet in good form as of December 31, 2017.

2. Prepare a consolidated balance sheet as of December 31, 2017.

Consolidation Entries

Greene Company

White Corporation

Dr

Cr

Consolidated

Cash and Receivables

$101,000

$20,000

Inventory

80,000

40,000

Land

150,000

90,000

Buildings & Equipment

400,000

300,000

Accumulated Depreciation

(135,000)

(85,000)

Investment in White Corporation Stock

141,000

Total Assets

$737,000

$365,000

$0

$0

$0

Accounts Payable

90,000

25,000

Notes Payable

200,000

90,000

Common Stock

100,000

200,000

Retained Earnings

347,000

50,000

NCI in NA of White Corporation

Total Liabilities & Equity

$737,000

$365,000

$0

$0

$0

			Consolidation Entries
	Greene Company	White Corporation	Dr	Cr	Consolidated
Cash and Receivables	$101,000	$20,000
Inventory	80,000	40,000
Land	150,000	90,000
Buildings & Equipment	400,000	300,000
Accumulated Depreciation	(135,000)	(85,000)
Investment in White Corporation Stock	141,000
Total Assets	$737,000	$365,000	$0	$0	$0
Accounts Payable	90,000	25,000
Notes Payable	200,000	90,000
Common Stock	100,000	200,000
Retained Earnings	347,000	50,000
NCI in NA of White Corporation
Total Liabilities & Equity	$737,000	$365,000	$0	$0	$0