inventory balances on december 31 2012 were 25100 for place and 14700 for shaw inc. shaws accounts and notes payable contain 14900 note payabke to place. prepare a workpaper for the preparation of consolidated financial statement on december 31 2912 the difference between book value of equity acquired and the value implied by the purchase price relates to subsidiary land which is included in plant assets.

CALCULATOR HESSAGE HY INSTRUCTOR Problem 4-4 Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2012, for $404,800. Trial balances at the end of 2012 for the companies were: Place Shaw Cash $80,800 $86,600 Accounts and Notes Receivable 203, 100 208,400 Inventory, 1/1 69,000 49,200 Investment in Shaw, Inc. 404,800 -0- Plant Assets 295,600 199,900 Dividends Declared 35,500 21,800 Purchases 244,300 147,700 Selling Expenses 27,900 19,900 Other Expenses 14,800 13,100 $1,375,800 $746,600 Accounts and Notes Payable Other Liabilities Common Stock, $10 par Other Contributed Captital Retained Earnings, 1/1 Sales Dividend Income $99,600 $37,900 45,000 15,000 152,200 98,800 282,500 151,700 224,500 169,800 551,944 273,400 20,056 -0- $1,375,800 $746,600 Inventory balances on December 31, 2012, were $25,100 for Place and $14,700 for Shaw, Inc. Shaw's accounts and notes payable contain a $14,900 note payable Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. The difference between book value of equity acquired and the land, which is included in plant assets. (Round answers to 0 decimal places, e.g. 5,125. List items that increase retained earnings first.) 000 $100,00 Inventory balances on December 31, 2012, were $25,100 for Place and $14,700 for Shaw, Inc. Shaw's accounts and notes payable contain a $14,900 note payable to place. Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. The difference between book value of equity acquired and the value implied by the purchase price relates to subs land, which is included in plant assets. (Round answers to decimal places, e.g. 5,125. list items that increase retained earnings first.) Place Company and Subsidiary Consolidated Statements Werkpaper For the Year Ended December 31, 2012 Place Shaw Eliminations Noncontrolling Consolidated Company Inc. Debit Credit Balances Income Statement