Consolidated Financial Statement

On January 1, 2016, Parent company acquired 90% of Subsidiary company in exchange for 5,400 shares of $10 par common stock having a market value of $120,600. Parent and Subsidiary condensed balance sheets were as follows: Parent and Subsidiary Balance sheets as of January 1,2016 {before acquisition] Parent Company Subsidiary Company Assets Cash 30,900 37,400 Accounts receivable (net) 34,200 9,100 Inventories 22,900 16,100 Equipment {net} 119,000 40,000 Patents - 10,000 Liabilities and Stockholder's equity Accounts payable 4,000 6,600 Bonds payable, 10% 100,000 Common stock, 10par 100,000 50,000 Additional paid in capital 15,000 15,000 Retained earnings 43,000 41,000 At the date of acquisition, all assets and liabilities of Subsidiary Company have a book value approximately equal to their respective market value except the following as determined by appraisal as follows: Inventories {FIFO Method] 1?,100 Equipment {net remaining 4 years) 48,000 Patents {remaining life 10 years) 13,000 Goodwill [no impairment] In addition, assuming that on December 31,2016, the following results were given: Dividends Paid Net inoome Parent company 15,000 30,200 Subsidiary company 4,000 9,400 Compute the following: 0 Consolidated total equity (stockholders' equity} on December 31,2016 . Dividend inoome using cost method in separate income statement of parent - Non-controlling interest in net income on December 31,2016 - Consolidated retained earnings 0 Consolidated net income