On January 1, 2019, Parrot Company purchased 90% of the outstanding common stock of Sieger Company for $190,000. At that time, Sids stockhlders equity consisted of common stock, $140,000; other contributed capital, $20,000; and retained earnings, $23,000.

Prepare a consolidated statements workpaper on 31 December 2019. Please use the Trial Balance given on the right side. Please complete all steps involved in the cost method (income statement, retained earnings, balance sheet) including preparation of statements, elimination entries and consolidation.

USD ($)	Parrot	Sieger
Cash	42,000	29,000
Accounts receivable	52,000	30,000
Inventory	30,000	18,000
Investment in Sieger	190,000	0
Plant & equipment	95,000	80,000
Land	39,000	34,000
Dividends declared	20,000	20,000
Cost of goods sold	130,000	40,000
Operating exepense	20,000	14,000
Total debits	618,000	265,000
Accounts payable	19,000	12,000
Other liabilities	10,000	20,000
Common stock	210,000	120,000
Other contributed capital	60,000	10,000
Retained Earnings	40,000	23,000
Sales	260,000	80,000
Dividend Income	19,000	0
Total credits	618,000	265,000