I have the following information. I am trying to consolidate these two companies using eliminating entries. I'm a little stuck on how to get the Income from Standard, NCI net income, investment in standard, and NCI share of assets.

1. On January 1, 20X9, Zigma Company acquired 80 percent of Standard Company's common shares at underlying book value (Purchase Price $80K). Zigma uses the equity method in accounting for its ownership of Standard. On December 31, 20X9, the trial balances of the two companies are on the next page.

Required:

1. Prepare the eliminating entries needed as of December 31, 20X9, and complete the worksheet.

Hint: It may be helpful but not required to reconcile "Income from Standard" and "Investment in

Standard" Accounts through the equity adjustments.

Zigma Standard Income Statement Sales 200,000 162,000 Other Expenses (90,000] (70,000)1 Depreciation (30,000) (17,000] Income from Standard Consolidated Net Income 80,000 75,000 NCI Net Income Controlling Net Income 80,000 75,000 Statement of Retained Earnings Beginning RE 175,000 35,000 | Net Income 80,000 75,000 1 Less Dividends Declared (32,000) (25,000] Ending Retained Earnings 223,000 85,000 Balance Sheet Current Assets 253,000 145,000 Depreicable Assets 300,000 170,000 Accumulated Depreciation (120,000) (85,000) 1 Investment in Standard Total Assets 433,000 230,000 Current Liabilities 50,000 30,000 | Long Term Liabilities 120,000 50,000 1 Common Stock 100,000 65,000 Retained Earnings 223,000 85,000 NCI Share of Assets Total Liabilities and Equity_ _ _ _ _ _ _ 493,000 230,000