NCI Cons I/S R/EP Trial Balance Parent Subsidiary Con B/S Elimination Dr. Cr A/R 90,000 32,000 Curr Assts 10,000 230,000 356,000 Invest in Sub Building Acc Dep-B 340,000 (106,000) 200,000 (20,000) 0 0 Goodwill Acct Pay (60,000) (40,000) Bond Pay (50,000) Prem/Disc Com Stk PIC (200,000) (100,000) (90,000) (10,000) (200,000) R/E-S R/E-P (200,000) Sales (150,000) (100,000) COGS 55,000 32,000 Oper Exp 50,000 25,000 5,000 10,000 0 8.000 Dep Exp- Interest Exp Sub Income (20,000) NI (60,000) (25,000) Dix 20,000 5,000 NCI On 1-1-2017 Parent BUYS an 80% interest in SUB for $300,000...on that date the SUB's P/P/E is overstated by $50,000 with a 5 year remaining life and Liabilities are understated by $20,000 with 10 years remaining life REQUIRED: Prepare the Consolidated Worksheet for 12/31/20 assume the Parent uses the Equity Method. Determination & Distribution of Excess Schedule: 100% Parent % 80% _NCI% 20% Price $300,000 Book Value: Com Stk PIC PIC R/E $90,000 $10,000 $150,000 Total BV $250,000 EXCESS FMV Adj P/P/E (Inc) NCI Cons I/S R/EP Trial Balance Parent Subsidiary Con B/S Elimination Dr. Cr A/R 90,000 32,000 Curr Assts 10,000 230,000 356,000 Invest in Sub Building Acc Dep-B 340,000 (106,000) 200,000 (20,000) 0 0 Goodwill Acct Pay (60,000) (40,000) Bond Pay (50,000) Prem/Disc Com Stk PIC (200,000) (100,000) (90,000) (10,000) (200,000) R/E-S R/E-P (200,000) Sales (150,000) (100,000) COGS 55,000 32,000 Oper Exp 50,000 25,000 5,000 10,000 0 8.000 Dep Exp- Interest Exp Sub Income (20,000) NI (60,000) (25,000) Dix 20,000 5,000 NCI On 1-1-2017 Parent BUYS an 80% interest in SUB for $300,000...on that date the SUB's P/P/E is overstated by $50,000 with a 5 year remaining life and Liabilities are understated by $20,000 with 10 years remaining life REQUIRED: Prepare the Consolidated Worksheet for 12/31/20 assume the Parent uses the Equity Method. Determination & Distribution of Excess Schedule: 100% Parent % 80% _NCI% 20% Price $300,000 Book Value: Com Stk PIC PIC R/E $90,000 $10,000 $150,000 Total BV $250,000 EXCESS FMV Adj P/P/E (Inc)