P CO. SCO. $67,000 55, eee - During Year 10, sales of P Co. to S Co. were $17,000, and sales of S Co to P Co. were $57,000 Rotes of gross profit on intercompany sales in Years 9 and 10 were 40% of sales, - On December 31, Year 9, the inventory of P Co. Included $14,000 of merchandise purchased from s Co., and the inventory of Sco included $10,000 of merchandise purchased from P Co. On December 31, Year 10, the inventory of P Co included $27,000 of merchandise purchased from S Co., and the inventory of S Co. Included $12,000 of merchandise purchased from PCO During the year ended December 31, Year 10, P Co paid dividends of $19,000 and S Co paid dividends of $17.000 - At the time that P Co purchased the shares of S Co the acquisition differential was allocated to patents of S Co These patents are being amortized for consolidation purposes over a period of five years. In Year 8, land that originally cost $47.000 was sold by S Co to P Co for $57700 The land is still owned by PCO. Assume a corporate tax rate of 40% Required: Prepare a consolidated statement of changes in equity for the year ended December 31, Year 10 (Leave no cells blank - be certain to enter "o" wherever required. Negative amounts should be indicated by a minus sign. Omit $ sign in your response.) Required: Prepare a consolidated statement of changes in equity for the year ended December 31, Year 10. (Leave no cells blank - be certain tu enter"0" wherever required. Negative amounts should be indicated by a minus sign. Omit S sign in your response.) P Co. Consolidated Statement of Changes in Equity For Year Ended December 31, Year 10 Common Shares $ Retained Earnings $ Total $ Non-controlling Interest $ V Balance, beginning of year Add: Net income Less: Dividends Retained earnings, Dec. 31 $ Prev 1 of 2 Next > 27C Mostly sunny DI ch . g