Income Statement (2021)	Ping Inc.	Sing Inc.	Consolidation Entries		Consolidated
			Dr.	Cr.
Sales	630,000	280,000
Cost of sales	(360,000)	(130,000)
Expenses	(190,000)	(100,000)
Equity in net income of Sing	40,000
Net Income	120,000	50,000
NCI in Net Income
CI in Net Income
Statement of Retained Earnings (2021)
Retained earnings, 1/1/21	260,000	110,000
+ Net income	120,000	50,000
- Dividends declared	(40,000)	(20,000)
Retained earnings, 12/31/21	340,000	140,000
Balance Sheet (12/31/21)
Assets:
Cash	75,000	15,000
Accounts receivable	83,000	37,000
Receivable from Sing	2,000
Inventory	110,000	55,000
Investment in Sing	160,000
Property and equipment	720,000	186,000
Accumulated depreciation	(320,000)	(13,000)
Total Assets	830,000	280,000
Liab. & Shareholders equity
Payables and accruals	130,000	25,000
Payable to Ping		2,000
Long-term debt	150,000	53,000
NCI in net assets
Common stock	210,000	5,000
Additional paid-in capital		55.000
Retained earnings	340,000	140,000
Total Liab & S.E.	830,000	280,000

Consolidated net income = ___________

NCI in consolidated net income = ___________

CI in consolidated net income = ___________

Consolidation of Partially Owned Subsidiary The 12/31/21 consolidation worksheet of Ping Inc. and its 80% owned subsidiary, Sing Inc. (created 3 years ago) is provided in the next page. Ping uses the equity method to record its investment in Sing. Required: (1) Enter all elimination entries onto the worksheet. Be sure to label your worksheet entries to avoid losing grade points. (2) Show all necessary balance-forwards (BF), and then complete the entire worksheet. Incomplete worksheet will be marked down in grading. (3) Answer the three questions that appear immediately below the worksheet. Consolidation of Partially Owned Subsidiary The 12/31/21 consolidation worksheet of Ping Inc. and its 80% owned subsidiary, Sing Inc. (created 3 years ago) is provided in the next page. Ping uses the equity method to record its investment in Sing. Required: (1) Enter all elimination entries onto the worksheet. Be sure to label your worksheet entries to avoid losing grade points. (2) Show all necessary balance-forwards (BF), and then complete the entire worksheet. Incomplete worksheet will be marked down in grading. (3) Answer the three questions that appear immediately below the worksheet