On January 1, 2020, Pantry Company purchased 90% of the outstanding common stock of Spice Company for $180,000. At that time, Spice Company's stockholders' equity consisted of common stock, $120,000; other contributed capital, $20,000; and retained earnings, $25,000. Assume that any difference between book value of equity and the value implied by the purchase price is attributable to land. On December 31, 2021, the two companies separate financial statements were as follows: Instructions: Prepare a consolidated workpaper on December 31, 2021 Noncontrolling Consolidated Interest Balance Consolidated Statements Workpaper For the Year Ended December 31, 2021 Eliminating Entries Pantry Spice Company Company Dr. Cr. Income Statement Sales 260,000 110,000 Equity Income 22,500 Total Revenue 282,500 110,000 Cost of Goods Sold 160,000 65,000 Other Expenses 35,000 20,000 Total Cost and Exp: 195,000 85,000 Net Income 87,500 25,000 Noncontrolling Interest Net Income to Retained Earnings 87,500 25,000 Retained Earnings Statement Retained Earnings 1/1 PANTRYCompany 168,000 Spice Company 30,000 Net Income from Ab 87,500 25,000 Dividends Declared Pantry Company (20,000) SpiceCompany (15,000) Retained Earnings 1: 235,500 40,000 Balance Sheet Cash 70,000 Accounts Receivable 60,000 Inventory 12/31 40,000 Investment in Spice 193,500 20,000 35,000 30,000 Difference b/w Implied & Book Value Plant and Equipmen 125,000 90,000 Land 48,500 45,000 Total 537,000 220,000 120,000 Accounts Payable 16,500 16,000 Other Liabilities 15,000 24,000 Common Stock Pantry Company 200,000 Spice Company Other Contributed Capital Pantry Company 70,000 Spice Company 20,000 Retained Earnings fr 235,500 40,000 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest Total 537,000 220,000