On January 2, 2014, Paleon Packaging purchased 90% of the outstanding common stock of Sampson Shipping and Supplies for $513,000.Sampson's book values represented the fair values of all recorded assets and liabilities at that date, however Sampson had rights to a patent that was not recorded on their books, with an approximate fair value of $270,000, and a 10-year remaining useful life.Sampson's shareholders' equity reported on that date consisted of $100,000 in capital stock and $150,000 in retained earnings.Any remaining fair value/book value differential is assumed to be goodwill.The December 31, 2015 financial statements for each of the companies are provided in the worksheet below.

Required: Complete the consolidation worksheet provided below to determine consolidated balances to be reported at December 31, 2015.

Investment in S

--------------------------------

513,000 | 36,000 dividends

38,700 NI |

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515,700 December 31, 2015

CS 100,000

R/E 170,000

Patent. 243,000

Goodwill 50,000

investment in S 515,700 I think this number is wrong. It should be 506,700 but I do not know how to calculate.

NCI .

AutoSave OFF chapter 4 - Compatibility Mode Q Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Palatino Lin... v 10 A A Aa Ap ab A A Paste B I Uvab X X A DAVAO Styles Styles Dictate Sensitivity Pane Paleon Sampson Debit Credit dated INCOME STATEMENT Sales $ 615, 300 380, 000 Income from Sampson 38, 700 Cost of Sales 368 , 000) (170, 000) Depreciation & Amort. Expense ( 42, 000) (60, 000) Other Expenses (100, 000) (80, 000) Noncontrolling Interest Share Net income 144, 000 70, 000 Retained Earnings 1/1 870, 000 170, 000 Add : Net income 144, 000 70, 000 Less : Dividends (35, 000) (40, 000) Retained Earnings 12/31 |979, 000 200, 000 BALANCE SHEET Cash 120, 000 30, 000 13 Other current assets 201, 600 180, 000 Equipment and Buildings-net 560, 000 206, 000 Investment in Sampson Corporation 509, 400 Page 44 of 47 6071 words OX English (United States) iT Focus + 199%AutoSave OFF chapter 4 - Compatibility Mode Q Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Palatino Lin... v 10 " A" A Aa Ap abc A [A Paste B I Uvab X X A LA A Styles Styles Dictate Sensitivity Pane (35, 00 0) (40 , 00 0 ) Retained Earnings 12/31 |979, 000 200, 000 BALANCE SHEET Cash 120, 000 30, 000 33 Other current assets 201, 600 180, 000 Equipment and Buildings-net 560, 000 206, 000 Investment in Sampson Corporation 509, 400 Patent Goodwill TOTAL ASSETS $ 1, 391, 000 416, 000 EQUITIES Accounts payable 248, 000 116, 000 Capital Stock 164, 000 100, 000 Retained Earnings 979, 000 200, 000 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest TOTAL EQUITIES $ 1, 391, 000 416, 000 An Page 44 of 47 6071 words OX English (United States) Focus + 199%