On January 1, 2016, Prange Company acquired 80% of the common stock of Seaman Company for $500,000. On this date Seaman had total owners' equity of $400,000. Any excess of cost over book value is attributable to patent, which is to be amortized over 20 years. During 2016 and 2017, Prange has appropriately accounted for its investment in Seaman using the simple equity method. On January 1, 2017, Prange held merchandise acquired from Seaman for $30,000. During 2017, Seaman sold merchandise to Prange for $100,000, of which $20,000 is held by Prange on December 31, 2017. Seaman's gross profit on all sales is 40%. On December 31, 2017, Prange still owes Seaman $20,000 for merchandise acquired in December. Required: Complete the Figure 4-2 worksheet for consolidated financial statements for the year ended December 31, 2017.

orksheet 12/31/2017 Trial Balance Eliminations and Adjustment Consolidated Retained Consolidated Prange Co Seaman Debit Credit Incom Stmt NCI Earnings Balance Sheet Inventor, December 31 100,000 105,000 Other Current Assets 285,000 325,000 Investment in Sub 588,000 Land 140,000 80,000 Build & Equipment 315,000 340,000 Accum Deprication -252,000 -130,000 Patent 60,000 Current Liabilities -150,000 -70,000 Bonds Payable -100,000 Other Long Term Liab -200,000 -40,000 Common Stock--P Co -200,000 Other Paid-in Capital P -100,000 Retained Earnings-P -474,000 Common Stock S -150,000 Other Paid in Capital S -100,000 Retained Earnings- S -200,000 Net Sales -600,000 -380,000 Costof Goods Sold 360,000 228,000 Operating Expenses 140,000 62,000 Subsidiary Income -72,000 Dividends Declared-P 60,000 Dividends Declared-S 30,000 Consolidated Net Income NCI Controling Interest Total NCI Ret Earn Contr Int 12-31 0 0