On January 1, 2017, Park Incorporated paid $38,500 for a 70% interest in Soor Enterprises, at a time when Soo's stockholder's equity consisted of $20,000 in Capital stock and $30,000 in Retained Earnings. The fair values of Soo's assets and liabilities equaled their recorded book values at that time, so any additional amount paid was attributed to goodwill. In 2017, Soor purchased merchandise from Park at a price of $10,000. The products originally cost Park $4,000, and 75% of this merchandise remained in inventory on December 31, 2017. This inventory was sold in 2018. Soor reported a net income of $9,000 and paid dividends of $3,000 during 2017 In 2018, Soor purchased merchandise from Park at a price of $13,000. The products had a cost to Park of $9,000, and 50% of this merchandise remained in inventory on December 31, 2018. Required: Complete the parent financial statements and prepare the consolidated workpaper for Park and Soor for the year 2018. Show all the calculations. Park Consolidated Statements Soor Eliminations Du A 39,000,000 meteran OUT Required: Complete the parent financial statements and prepare the consolidated work for Pakete year 2018. Show all the calculations. Park Soor Eliminations Corp. Corp. Dr. Income Statement Sales 81,000 24,000 Income from Soor Cost of Sales (38,000 19.5001 (12,700) 13.500 Other Expenses 11.000 Net Income Retained Earnings Statement Retained Earnings 1/1 59,500 35,000 11,000 Add: Net Income 19.000) 14,000 43.000 Less: Dividends Retained Earnings 12/31 Balance Sheet 5.000 23.000 10,000 35.400 Cash 15.000 24.000 Accounts Receivable-net 62,000 37,000 Inventories Equipment and Buildings-net Investment in Corporation 92.000 169.500 Total Assets MacBook Pro Equities & Liabilities Accounts Receivable-net 23,000 5.000 nventories 35.400 10.000 Equipment and Buildings-net 24.000 15.000 37,000 Investment in S Corporation 52.000 Total Assets 169.500 92.000 Equities & Liabilities Accounts Payable 15,000 10,000 25,000 13,000 Other liabilities 40,000 26,000 Common Stock 43,000 Retained Earnings 169.500 92.000 Total Equities On January 1, 2017, Park Incorporated paid $38,500 for a 70% interest in Soor Enterprises, at a time when Soo's stockholder's equity consisted of $20,000 in Capital stock and $30,000 in Retained Earnings. The fair values of Soo's assets and liabilities equaled their recorded book values at that time, so any additional amount paid was attributed to goodwill. In 2017, Soor purchased merchandise from Park at a price of $10,000. The products originally cost Park $4,000, and 75% of this merchandise remained in inventory on December 31, 2017. This inventory was sold in 2018. Soor reported a net income of $9,000 and paid dividends of $3,000 during 2017 In 2018, Soor purchased merchandise from Park at a price of $13,000. The products had a cost to Park of $9,000, and 50% of this merchandise remained in inventory on December 31, 2018. Required: Complete the parent financial statements and prepare the consolidated workpaper for Park and Soor for the year 2018. Show all the calculations. Park Consolidated Statements Soor Eliminations Du A 39,000,000 meteran OUT Required: Complete the parent financial statements and prepare the consolidated work for Pakete year 2018. Show all the calculations. Park Soor Eliminations Corp. Corp. Dr. Income Statement Sales 81,000 24,000 Income from Soor Cost of Sales (38,000 19.5001 (12,700) 13.500 Other Expenses 11.000 Net Income Retained Earnings Statement Retained Earnings 1/1 59,500 35,000 11,000 Add: Net Income 19.000) 14,000 43.000 Less: Dividends Retained Earnings 12/31 Balance Sheet 5.000 23.000 10,000 35.400 Cash 15.000 24.000 Accounts Receivable-net 62,000 37,000 Inventories Equipment and Buildings-net Investment in Corporation 92.000 169.500 Total Assets MacBook Pro Equities & Liabilities Accounts Receivable-net 23,000 5.000 nventories 35.400 10.000 Equipment and Buildings-net 24.000 15.000 37,000 Investment in S Corporation 52.000 Total Assets 169.500 92.000 Equities & Liabilities Accounts Payable 15,000 10,000 25,000 13,000 Other liabilities 40,000 26,000 Common Stock 43,000 Retained Earnings 169.500 92.000 Total Equities