Consolidation Entries Noncontrolling Consolidated Accounts Padre Sierra Debit Credit Interest Totals Revenues ................ (1,394,980) (684,900) (2,079,880) Cost of goods sold .. 774,000 432,000 1,206,000 Depreciation expense.. 274,000 11,600 283,200 Amortization expense -0- 6,100 10,800 Interest expense .............. 52,100 9,200 63,600 Equity in income of Sierra (177.120) -0- -0- Separate company net income......... (472.000) (226.000 Consolidated net income ........... (516,280) NI to noncontrolling interest........... (44,280) 44.280 NI to Padre Company .............. (472,000) Retained earnings 1/1 ..... (1,275,000) (530,000) (1,275,000) Net income (above) ........ (472,000) (226,000) (472,000) Dividends declared ........ 260.000 65.000 13,000 260.000 Retained earnings 12/31 (1.487.000) (691.000) (1.487.000) Current assets ........ 764,700 1,620,860 Investment in Sierra -0- Land ......... 360,000 65,000 650,000 Buildings and equipment (net) .......... 909,000 275,400 1,162,800 Copyright .......... -0- 115.900 205.200 Total assets ............ 1.221.000 3,638.860 Accounts payable (275,000) (194,000) (469,000) Notes payable (541,000) (176,000) (700,900) NCI in Sierra 1/1 .... NCI in Sierra 12/31 (200.680) (231,960) (231,960) Common stock .......... (300,000) (100,000) (300,000) Additional paid-in capital ............... (450,000) (60,000) (450,000) Retained earnings 12/31.... (above) ... (1.487.000) (691.000) (1.487.000)