Pamula Corporation paid $279,000 for 90% of Shad Corporation's $10 par common stock on December 31, 2011, when Shad Corporation's stockholders' equity was made up of $200,000 of Common Stock, $60,000 Additional Paid-in Capital and $40,000 of Retained Earnings. Shad's identifiable assets and liabilities reflected their fair values on December 31, 2011, except for Shad's inventory which was undervalued by $5,000 and their land which was undervalued by $2,000. Balance sheets for Pamula and Shad immediately after the business combination are presented immediately after the acquisition.

Required:

Complete the consolidated balance sheet working papers for Pamula Corporation and Subsidiary.imediately

	pamula	shad	Eliminations	Consolidated balance sheet
Debit	credit
ASSETS Cash	26,000	20,000
Account receivable	20,000	30,000
inventory	125,000	110,000
Land	30,000	80,000
Plant assets	320,000	160,000
Invest in shad	279,000
Good will
Total Assets	800,000	400,000
EQUITIES Current liabilities	110,000	100,000
Capital stock	400,000	200,000
Paid in capital	100,000	60,000
Retained earning	190,000	40,000
NCI
Total equities	800,000	400,000