I just need help with the last part of the Balance Sheet. Please!!!!
Problem 4-7 Your answer is partially correct. Try again. Price Company purchased 90 % of the outstanding common stock of Score Company on January 1, 2011, for $458,820. At that time, Score Company had stockholders' equity consisting of common stock $199,100; other contributed capital, $159,400; and retained earnings, $90,500. On December 31, 2015, trial balances for Price Company and Score Company were as follows: Price Score Cash $107,200 $78,000 Accounts Receivable 169,300 93,500 Note Receivable 74,700 -0- Inventory 308,400 159,400 Investment in Score Company 458,820 0- Plant and Equipment 924,200 418,300 69.800 Land 158,100 Dividends Declared 70,200 49,200 820,800 Cost of Goods Sold 240,300 122,400 Other Expenses 248,100 $3,339,820 $1,230,900 Total Debits Accounts Payable $132,600 $46,700 Notes Payable 117,800 296,900 495,100 Common Stock 199,100 Other Contributed Capital 257,100 159,400 Retained Earnings, 1/1 682,000 210,500 Sales 1,424,370 497,400 Dividend and Interest Income 51,750 -0- $3,339,820 $1,230,900 Total Credits Price Company's note receivable is receivable from Score Company. Interest of $7,470 was paid by Score to Price during 2015. Any difference between book value and the value implied by the purchase price relates to goodwill Prepare a consolidated statements workpaper on December 31, 2015. (List items that increase retained earnings first.) Price Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2015 Eliminating Entries Noncontrolling Price Score Consolidated Cr. Company Company Dr. Interest Balance Income Statement 1,921,770 1,424,370 497,400 Sales $ Dividend and Interest Income 51,750 51,750 0 1,476,120 1,921,770 497,400 Total Revenues 820,800 1,061, 100 Cost of Goods Sold 240,300 Other Expenses 248,100 7,470 122,400 363,030 1,068,900 Total Cost and Expense 362,700 1,424,130 407,220 497,640 Net Income 134,700 13,470 Noncontrolling Interest 13,470 484,170 407,220 7,470 13,470 Net Income to Retained Earnings 134,700 51,750 Retained Earnings Statement 682,000 210,500 108,000 790,000 Retained Earnings 1/1 210,500 407,220 51,750 7,470 484,170 Net Income 134,700 13,470 70,200 70,200 49,200 44,280 Dividends Declared 4,920 1,019,020 262,250 159,750 1,203,970 296,000 8,550 Retained Earnings 12/31 Balance Sheet 185,200 262,800 467,800 Subsidiary ce between Implied and Book Value Plant and Equipment Total TAccOunts Pavable Notes Pavable Tother Contributed Capital TRetained Earninga Noncontrolling Interest 1/1 Noncontrolling Interest 12/31 Problem 4-7 Your answer is partially correct. Try again. Price Company purchased 90 % of the outstanding common stock of Score Company on January 1, 2011, for $458,820. At that time, Score Company had stockholders' equity consisting of common stock $199,100; other contributed capital, $159,400; and retained earnings, $90,500. On December 31, 2015, trial balances for Price Company and Score Company were as follows: Price Score Cash $107,200 $78,000 Accounts Receivable 169,300 93,500 Note Receivable 74,700 -0- Inventory 308,400 159,400 Investment in Score Company 458,820 0- Plant and Equipment 924,200 418,300 69.800 Land 158,100 Dividends Declared 70,200 49,200 820,800 Cost of Goods Sold 240,300 122,400 Other Expenses 248,100 $3,339,820 $1,230,900 Total Debits Accounts Payable $132,600 $46,700 Notes Payable 117,800 296,900 495,100 Common Stock 199,100 Other Contributed Capital 257,100 159,400 Retained Earnings, 1/1 682,000 210,500 Sales 1,424,370 497,400 Dividend and Interest Income 51,750 -0- $3,339,820 $1,230,900 Total Credits Price Company's note receivable is receivable from Score Company. Interest of $7,470 was paid by Score to Price during 2015. Any difference between book value and the value implied by the purchase price relates to goodwill Prepare a consolidated statements workpaper on December 31, 2015. (List items that increase retained earnings first.) Price Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2015 Eliminating Entries Noncontrolling Price Score Consolidated Cr. Company Company Dr. Interest Balance Income Statement 1,921,770 1,424,370 497,400 Sales $ Dividend and Interest Income 51,750 51,750 0 1,476,120 1,921,770 497,400 Total Revenues 820,800 1,061, 100 Cost of Goods Sold 240,300 Other Expenses 248,100 7,470 122,400 363,030 1,068,900 Total Cost and Expense 362,700 1,424,130 407,220 497,640 Net Income 134,700 13,470 Noncontrolling Interest 13,470 484,170 407,220 7,470 13,470 Net Income to Retained Earnings 134,700 51,750 Retained Earnings Statement 682,000 210,500 108,000 790,000 Retained Earnings 1/1 210,500 407,220 51,750 7,470 484,170 Net Income 134,700 13,470 70,200 70,200 49,200 44,280 Dividends Declared 4,920 1,019,020 262,250 159,750 1,203,970 296,000 8,550 Retained Earnings 12/31 Balance Sheet 185,200 262,800 467,800 Subsidiary ce between Implied and Book Value Plant and Equipment Total TAccOunts Pavable Notes Pavable Tother Contributed Capital TRetained Earninga Noncontrolling Interest 1/1 Noncontrolling Interest 12/31
