Elimination entries needed only.

Intercompany Sales

Stock

Common Stock S

Paid in Capital S

Retained Earnings S

Plant and Equipment

Land

Goodwill

Investment

Non Controlling Interest

Beginning Inventory

Retained Earnings

Investment in S

Cost of Goods Sold

Current Sales

Sales

Cost of Goods Sold

Ending Inventory

Cost of Goods Sold

Inventory

Sub Income

Dividend Declared S

Investment in S

Depreciation

Plant and Equipment

Noncontrolling Interest in Net Income

Dividend Declared S

Noncontrolling Interest (plug)

Fixed Assets

Gain

Depreciation Expense

Equipment

Retained Earnings

Depreciation Expense

Equipment

Bonds

Bonds Payable

Interest Income

Discount

Investment in S

Interest expense

Retained Earnings S or Investment in S

stook of On January 1, 2009 Company P acquired 80% of the common Company S for $904, 00o. On January 1, 2009 the owners equity ofE Company S consisted of common stock of $600,000, paid-in capital of $230,o0o, and retained earnings of $170,000. Inventory was on the books of Company s in the amount of $5,000. Plant and equipment with a 10 year ramaining usoful life was undervalued on the oks of Company s in the amount of $30,000. Land was undervalued on the books of company S in the amount of $25,000 he income statement for 2016, the retained earnings statement for 2016, and the balance sheet on December 31, 2016 for each company are presented below Sales Subsidiary Income Interest Income Company P $2,600,000 183,900 Company s $2,000,000 30,000 $2,030,000 $2,783, 900 Expenses Cost of Goods Sold $1,500,000 Operating Depreciation Interest $1,150,000 555,000 75,000 716,000 125,000 74,000 2,415,000 1,780,000 Net Income $1,460,000 250,000 $1,822,300 368,900 $2,191,200 100,000 $2,091,200 Retained Earnings January 1 Net Income $1,710,000 30,000 680,000 Dividends Declared Retained Earnings December 31 Cash Accounts Receivables Inventory Investment in Bonds Investment in S Company $ 136,000 145,000 550,000 $ 220,000 250,000 475,000 270,000 2,048,000 2,016,000 645,000 5,540,000 Plant and Equipment (net) Land 885,000 500,000 Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Paid-in Capital Retained Earnings $ 268,800 700,000 $ 90,000 (20,000) 2,000,000 500,000 2,091,200 $5,540,000 600,000 230,000 1, 680, 000 stook of On January 1, 2009 Company P acquired 80% of the common Company S for $904, 00o. On January 1, 2009 the owners equity ofE Company S consisted of common stock of $600,000, paid-in capital of $230,o0o, and retained earnings of $170,000. Inventory was on the books of Company s in the amount of $5,000. Plant and equipment with a 10 year ramaining usoful life was undervalued on the oks of Company s in the amount of $30,000. Land was undervalued on the books of company S in the amount of $25,000 he income statement for 2016, the retained earnings statement for 2016, and the balance sheet on December 31, 2016 for each company are presented below Sales Subsidiary Income Interest Income Company P $2,600,000 183,900 Company s $2,000,000 30,000 $2,030,000 $2,783, 900 Expenses Cost of Goods Sold $1,500,000 Operating Depreciation Interest $1,150,000 555,000 75,000 716,000 125,000 74,000 2,415,000 1,780,000 Net Income $1,460,000 250,000 $1,822,300 368,900 $2,191,200 100,000 $2,091,200 Retained Earnings January 1 Net Income $1,710,000 30,000 680,000 Dividends Declared Retained Earnings December 31 Cash Accounts Receivables Inventory Investment in Bonds Investment in S Company $ 136,000 145,000 550,000 $ 220,000 250,000 475,000 270,000 2,048,000 2,016,000 645,000 5,540,000 Plant and Equipment (net) Land 885,000 500,000 Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Paid-in Capital Retained Earnings $ 268,800 700,000 $ 90,000 (20,000) 2,000,000 500,000 2,091,200 $5,540,000 600,000 230,000 1, 680, 000