F G H J K L Eliminations Dr. Cr. Noncontrolling Interest Consolidated Balance A B C DE 1 Problem 3-1 Part I. 2 3 4 P COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper November 30, 2019 5 P S 6 Company Company 7 Current Assets 880,000 260,000 8 Investment in S Company 190,000 9 10 Long term Assets 1,400,000 400,000 11 Other Assets 90,000 40,000 12 Total 2,560,000 700,000 13 14 Current Liabilities 640,000 270,000 15 Long-term Liabilities 850,000 290,000 16 Common Stock: 17 P Company 600,000 18 S Company 180,000 19 Retained Earnings: 20 P Company 470,000 21 S Company (40,000) 22 Noncontrolling Interest 23 Total 2,560,000 700,000 24 Journal entry descriptions 25 26