Complete the consolidation workpapers for paladium and sennex for the year 2017?
5) On December 31, 2016, Paladium International purchased 100% of outstandneconnonstock of Series Chemicall inc. Paladium paid $200,000 for the shares and determined that the fair valoe of all recorded Sennex isets and liabilities approximated their book values, with the exception of a customer ist not recorded on theie that had a fair value of $0,000 and an expected remaining uneful life of S years. At the time of puechase, Sennex had stockholders' equity consisting of common stock of $20,000 and retained earnings of $80,000. Any remaining excess fair value was attributed to goodwill. The separate financial statements at December 11, 2017 appear in the first two columns of the consolidation workpapers shown below Required: Complete the consolidation workpapers for Paladium and Sennex for the year 2017 Elimination Entries Debits Paladium Sennex Credits Balance Sheet NCOME STATEMENT $(331900, $ (48,00) 13,000)5.000 8,000 (124,500)(15,0001 (846,000 (80,000 Income of Sennex Cost of Sales Other Expenses 148,000 72,000 Retained Earnings 1/ (124,900)5,000) 4,000 Net income Less: Dividends Retained Earnings 12/31 BALANCE SHEET Cash 9,000 961,900) (91.000) s 135,000 64,000 160,000 86,000 inventories 316,000 80,000 Equipment and Buildings-net Investment in Sennex 410,200 209,000 Customer List Total Assets 1,377,200 580,000 LIAB. & EQUITY Common Stock Retained farnings-12/31 (961,900] TOTAL A 305 30 (110,000) (20,000] 1,37,2001 (91,000 AND (1,377,200) (580,000] -so,cool 5) On December 31, 2016, Paladium International purchased 100% of outstandneconnonstock of Series Chemicall inc. Paladium paid $200,000 for the shares and determined that the fair valoe of all recorded Sennex isets and liabilities approximated their book values, with the exception of a customer ist not recorded on theie that had a fair value of $0,000 and an expected remaining uneful life of S years. At the time of puechase, Sennex had stockholders' equity consisting of common stock of $20,000 and retained earnings of $80,000. Any remaining excess fair value was attributed to goodwill. The separate financial statements at December 11, 2017 appear in the first two columns of the consolidation workpapers shown below Required: Complete the consolidation workpapers for Paladium and Sennex for the year 2017 Elimination Entries Debits Paladium Sennex Credits Balance Sheet NCOME STATEMENT $(331900, $ (48,00) 13,000)5.000 8,000 (124,500)(15,0001 (846,000 (80,000 Income of Sennex Cost of Sales Other Expenses 148,000 72,000 Retained Earnings 1/ (124,900)5,000) 4,000 Net income Less: Dividends Retained Earnings 12/31 BALANCE SHEET Cash 9,000 961,900) (91.000) s 135,000 64,000 160,000 86,000 inventories 316,000 80,000 Equipment and Buildings-net Investment in Sennex 410,200 209,000 Customer List Total Assets 1,377,200 580,000 LIAB. & EQUITY Common Stock Retained farnings-12/31 (961,900] TOTAL A 305 30 (110,000) (20,000] 1,37,2001 (91,000 AND (1,377,200) (580,000] -so,cool
