Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 20X8, for $107,700. At that date, the fair value of Roller's buildings and equipment was $19,000 more than the book value. Accumulated depreciation on this date was $26,000. Buildings and equipment are depreciated on a 5-year basis. Although goodwill is not amortized, Mill's management concluded at December 31, 20X8, that goodwil involved in its acquisition of Roller shares had been impaired and the correct carrying value was $3,000. No additional impairment occurred in 20X9 Trial balance data for Mill and Roller on December 31, 20X9, are as follows Mill Corporation Roller Company Credit Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Roller Co. Stock Cost of Goods Sold Wage Expense Depreciation Expense InterestExpense Other Expenses Dividends Declared Accumulated Depreciation Accounts Pavable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Subsidiary Debit Credit Debit $ 49,500 87,000 99,000 69,000 369,000 122,200 143,000 31,000 21,000 8,000 19,000 32,000 $ 37,000 20,000 30,000 31,000 161,000 107,000 16,000 9,000 2,000 12,000 40,200 $ 159,000 32,000 10,000 133,000 187,000 182,500 292,000 54,200 $ 44,000 11,000 5,000 111,200 51,000 39,000 204,000 $1,049,700 $1,049,700 $ 465,200 $ 465,200 Required a. Prepare all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Debit 51,000 39,000 58,000 No Event Accounts Credit Common stock Retained eamings Income from Roller Company 0,200 107,800 Dividends declared Investment in Roller Company 2 2 Depreciation expense 3,800 1,300 Income from Roller Company 19,000 Buildings and equipment Goodwil 19,000 3,000 3,800 Accumulated depreciation Investment in Roller Company 18,200 4 4 Accumulated de preciation 35,000 Buildings and equipment 35,000 Consolidated Financial Statements Worksheet December 31, 20x9 Consolidation Entries Mill Corp Roller Co DR CR Consolidated Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Income from Roller Co Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Assets Cash Accounts receivable Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Roller Co Goodwill Total Assets 0 0 Liabilities &Stockholders' Equity Accounts payable Wages payable Notes payable Common stock Retained earnings Total Liabilities & Equity c-1. Prepare a consolidated balance sheet for 20X9. (Amounts to be deducted should be indicated with a minus sign.) MILL CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X9 Assets Total Assets Liabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity 0) c-2. Prepare a consolidated income statement for 20X9. MILL CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20x9 Total Expenses 0 Consolidated net income 0) c-3. Prepare a retained earnings statement for 20X9. MILL CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X9 Retained Earnings, January 1, 20x9 0 Retained Earnings, December 31, 20X9 0 Mill Corporation acquired 100 percent ownership of Roller Company on January 1, 20X8, for $107,700. At that date, the fair value of Roller's buildings and equipment was $19,000 more than the book value. Accumulated depreciation on this date was $26,000. Buildings and equipment are depreciated on a 5-year basis. Although goodwill is not amortized, Mill's management concluded at December 31, 20X8, that goodwil involved in its acquisition of Roller shares had been impaired and the correct carrying value was $3,000. No additional impairment occurred in 20X9 Trial balance data for Mill and Roller on December 31, 20X9, are as follows Mill Corporation Roller Company Credit Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Roller Co. Stock Cost of Goods Sold Wage Expense Depreciation Expense InterestExpense Other Expenses Dividends Declared Accumulated Depreciation Accounts Pavable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Subsidiary Debit Credit Debit $ 49,500 87,000 99,000 69,000 369,000 122,200 143,000 31,000 21,000 8,000 19,000 32,000 $ 37,000 20,000 30,000 31,000 161,000 107,000 16,000 9,000 2,000 12,000 40,200 $ 159,000 32,000 10,000 133,000 187,000 182,500 292,000 54,200 $ 44,000 11,000 5,000 111,200 51,000 39,000 204,000 $1,049,700 $1,049,700 $ 465,200 $ 465,200 Required a. Prepare all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Debit 51,000 39,000 58,000 No Event Accounts Credit Common stock Retained eamings Income from Roller Company 0,200 107,800 Dividends declared Investment in Roller Company 2 2 Depreciation expense 3,800 1,300 Income from Roller Company 19,000 Buildings and equipment Goodwil 19,000 3,000 3,800 Accumulated depreciation Investment in Roller Company 18,200 4 4 Accumulated de preciation 35,000 Buildings and equipment 35,000 Consolidated Financial Statements Worksheet December 31, 20x9 Consolidation Entries Mill Corp Roller Co DR CR Consolidated Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Income from Roller Co Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Assets Cash Accounts receivable Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Roller Co Goodwill Total Assets 0 0 Liabilities &Stockholders' Equity Accounts payable Wages payable Notes payable Common stock Retained earnings Total Liabilities & Equity c-1. Prepare a consolidated balance sheet for 20X9. (Amounts to be deducted should be indicated with a minus sign.) MILL CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X9 Assets Total Assets Liabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity 0) c-2. Prepare a consolidated income statement for 20X9. MILL CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20x9 Total Expenses 0 Consolidated net income 0) c-3. Prepare a retained earnings statement for 20X9. MILL CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X9 Retained Earnings, January 1, 20x9 0 Retained Earnings, December 31, 20X9 0