Pan Company purchased 80% of the common stock of Sam, Inc. on January 1, 2019, for $400,000. Trial balances at the end of 2019 for the companies were: Pan Sam $17.68 S88000 Accounts and Notes Receivable 200.000 210.000 Inventory 1/1/2019 70,000 501000 Purchases 240,000 150.000 Selling and Other Expenses 43.000 Plant Assets 300,000 200.000 Dividends Declared 35.000 22. investment in Sam Inc. 452000 Total Debits $ 1.367,600 51753.000 Accounts and Notes Payable 99.000 38300 Other Liabilities 45.000 75.000 Common Stock. Sto par 150,000 TOURAGE Other Contributed Capital 279.000 150.000 Retained Earnings, 11/2019 225.000 10000 Sales 550.000 TOOL Dividend Income 19,600 Total Credits $ 1.36X 150 S 75.000 Pan Company purchased 80% of the common stock of Sam, Inc. on January 1, 2019, for $400,000. Trial balances at the end of 2019 for the companies were: Sam $88.000 210,000 50,000 150,000 33,000 200,000 22.000 Cash Accounts and Notes Receivable Inventory, 1/1/2019 Purchases Selling and Other Expenses Plant Assets Dividends Declared Investment in Sam Inc. Total Debits Accounts and Notes Payable Other Liabilities Common Stock, S10 par Other Contributed Capital Retained Earnings, 1/1/2019 Sales Dividend Income Total Credits Pan $77,600 200,000 70,000 240,000 43.000 300,000 35,000 432,000 $ 1,367,600 99,000 45,000 150.000 279,000 225,000 550,000 19,600 $ 1,368,350 $ 753,000 38.000 15.000 100,000 150.000 170,000 280,000 S 753,000 Inventory balances on December 31, 2019 were $25,000 for Place and $15,000 for Sam Inc. Sam's accounts and notes payable contain a $15,000 note payable to Pan Company. Hint: Exclude dividend income. Approximate decimals if any! Required: Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2019. Show all necessary calculation and recommended to use excel format. Show all necessary computations. Pan Company purchased 80% of the common stock of Sam, Inc. on January 1, 2019, for $400,000. Trial balances at the end of 2019 for the companies were: Sam $88.000 210,000 50,000 150,000 33,000 200,000 22.000 Cash Accounts and Notes Receivable Inventory, 1/1/2019 Purchases Selling and Other Expenses Plant Assets Dividends Declared Investment in Sam Inc. Total Debits Accounts and Notes Payable Other Liabilities Common Stock, S10 par Other Contributed Capital Retained Earnings, 1/1/2019 Sales Dividend Income Total Credits Pan $77,600 200,000 70,000 240,000 43.000 300,000 35,000 432,000 $ 1,367,600 99,000 45,000 150.000 279,000 225,000 550,000 19,600 $ 1,368,350 $ 753,000 38.000 15.000 100,000 150.000 170,000 280,000 S 753,000 Inventory balances on December 31, 2019 were $25,000 for Place and $15,000 for Sam Inc. Sam's accounts and notes payable contain a $15,000 note payable to Pan Company. Hint: Exclude dividend income. Approximate decimals if any! Required: Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2019. Show all necessary calculation and recommended to use excel format. Show all necessary computations
