Consolidation Entries Peanut Co. Snoopy Co. DR CR Consolidated Income Statement Sales Less Cost of goods sold Less Depreciation expense Less: Selling & Administrative expense Income from Snoopy Co. Net income $ 1,056,000 (430,000) (79.000) $ 796,000 $ 260,000 (289,000) (141,000) (66,000) (13,000) (233,000) (40,000) 29,000 29,000 $ 237,000 $ 66,000 $ 29,000 $ (273.000) 0 0 5 274,000 Statement of Retained Earnings Beginning balance Net income Less Dividends declared Ending Balance $ 525,000 $ 95,000 $ 95,000 $ 525,000 237,000 66,000 29,000 274,000 (103,000) (29.000) 29,000 (103,000) 5 659.000 $ 132,000 $ 124,000 $29.000 $ 695.000 Balance Sheet Assets Cash Accounts receivable Inventory Investment in Snoopy Co. Land Buildings & Equipment Less Accumulated depreciation Total Assets Liabilities & Equity Accounts payable Bonds payable Common stock Retained earnings Total Liabilities & Equity $ 231,000 $ 76,000 $ 307,000 197,000 81,000 278,000 192,000 83,000 275,000 304,000 304,000 0 210,000 92,000 302.000 701,000 198,000 $ 13,000 886,000 (441,000) (26,000) 13,000 (454,000) $ 1,394,000 $504,000 $13,000 $317.000 $ 1,594,000 $ 56,000 $ 41,000 $ 97,000 191,000 122,000 313,000 488,000 209,000 209.000 488,000 659.000 132,000 124.000 29.000 696,000 $ 1,394,000 $ 504,000 $333,000 $ 29,000$ 1,594,000