On January 1, 2012, Parker Company purchased 80% of the outstanding common stock of Sid Company for $172,000. Assume that any difference between book value of equity and the value implied by the purchase price is attributable to land. On December 31, 2012, the two companies trial balances were as follows:

	Parker Ltd	Sid Ltd
Cash	$69,000	$35,000
Accounts Receivable	44,000	30,000
Inventory	29,500	15,000
Investment in Sid Company	172,000	0
Plant and Equipment	110,000	85,000
Land	48,500	40,000
Dividends Declared	20,000	15,000
Cost of Goods Sold	150,000	60,000
Operating Expenses	35,000	20,000
Total Debits	$678,000	$300,000
Accounts Payable	*$20,000	$15,000
Other Liabilities	19,000	25,000
Common Stock, par value $10	200,000	120,000
Other Contributed Capital	70,000	20,000
Retained Earnings, 1/1	57,000	20,000
Sales	300,000	100,000
Equity in Subsidiary Income	12,000	0
Total Credits	$678,000	$300,000

Required:

A. Prepare a consolidated statements work paper on December 31, 2012.* Accounts payable of Parker Ltd includes $10,000 payable to Sid Ltd.