Complete the consolidation workpapers for paladium and sennex for the year 2017.

5) On December 31, 2016, Chemical inc. assets and liabilities their books that had tair Sennex had stockholders' equity consisting of common stock of remaining excess fair appear in the first two columns of the consolidation workpapers shown below Paladium, international purchased 100% of the outstanding common stock of Senne paid $200,000 for the shares and determined that the fair value of all recorded Sennex on their a fair value of $10,000 and an expected remaining useful life of 5 years. Al the time of purchase, $20,000 and retained earnings of $80,000. Any value was attributed to goodwill The separate financial statements at December 31, 2017 approximated their book values, with the exception of a customer list not recorded Required: Complete the consolidation workpapers for Paladium and Sennex for the year 2017 Elimination Entries Credits Consolidated Balance Sheet Paladium Sennex Debits INCOME STATEMENT (331,900) (48,00o) income of Sennex Cost of Sales Other Expenses Net Income (13,000) 148,000 25,000 72,000 8,000 (124,900) s (15,000) Retained Earnings 1/1 $ (846,000) $ (80,000) Add: Net Income Less: Dividends (15,000) 4,000 (124 9,000 Retained Earnings 12/31 | $ 1961,900) $ (91,000) BALANCE SHEET Cash $ 135,000 Accounts Receivable-net 227,000 64,000 160,000 316,00086,000 80,000 40,000 Land Equipment and Buildings-net Investment in Sennex 209,000 410,200 Customer List Total Assets LIAB. & EQUITY Common Stock Retained Earnings-12/31(961,900) TOTAL LIAB. AND 1,377,200 580,000 305, 300 (110,000) (20,000) (91,000) (1,377,200)$(580,000)