On July 31, 2014, Ping Company purchased 90% of Santos Company's common stock for $2,019,900 cash. Immediately after the acquisition, the two companies' balance sheets were as follows: Cash $320,100 $15 1,200 Accounts receivable 602,400 298,200 Note receivable 101,000 0 Inventory 1,856,200 396,300 Advance to Santos Company 59,400 0 Investment in Santos Company 2,019,900 0 Plant and equipment (net) 3,022,200 1,500,800 Land 09,100 90,600 Tomi $3,070,900 $2,437,100 Accounts payable 1; 798,300 $ 139,200 Notes payable 902,600 101,000 Common stock 2,406,300 899,100 other contributed capital 2,137,100 681,800 Retained earnings 1,776,500 616,000 Total $8,070,800 $2,437,100 Santos Company has not yet recorded the $59,400 cash advance from Ping Company. Ping Company's accounts receivable include $19,000 due from Santos Company. Santos Company's $101,000 note payable is payable to Ping Company. Neither company has recorded $6,900 of interest accrued on the note from January 1 to July 31. Any difference between book value and the value implied by the purchase price relates to land. Prepare a consolidated balance sheet workpaper on July 31, 2014. {Roundanswers to Odecimalplaces, e.g. 125.) PING COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper July 31, 2014 Ping Santos Eliminations Noncontrolling Consolidated Company Company Dr. Cr. Interest Balance Cash 320,100 151,200 Accounts Receivable 602,400 298,200 Note Receivable 101,000 Inventory 1,856,200 396,300 Advance to Santos Company 59,400 Investment in Company 2,019,900 Difference between Implied & Book Value Plant and Equipment 3,022,700 1,500,800 Land 89,100 90,600 Total Assets 8,070,800 2,437,100 Accounts Payable 798,300 139,200 Notes Payable 902,600 101,000 Common Stock: Ping Company 2,406,300 Santos Company 899,100 Other Contributed Capital: Ping Company 2,187,100 Santos Company 681,800 Retained Earnings Ping Company 1,776,500 Santos Company 616,000 Noncontrolling Interest Total 8,070,800 2,437,100 Advance from Ping Company Interest Payable Interest Receivable Total Liabilities and Equity