Pan Company purchased 80% of the common stock of Sam, Inc. on Jamuary 1,2019 , for $400,000. Trial balances at the end of 2019 for the companies were: Inventory balances on December 31, 2019 were $25,000 for P an and $15,000 for Sam Inc. Sam's accounts and notes payable contain a $20,000 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. Inventory balances on December 31,2019 were $25,000 for Pan and $15,000 for Sam Inc. Sam's accounts and notes payable contain a $20,000 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 Jamuary 1,2019 , for $400,000. Trial balances at the end of 2019 for the companies were: Inventory balances on December 31, 2019 were $25,000 for P an and $15,000 for Sam Inc. Sam's accounts and notes payable contain a $20,000 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. Inventory balances on December 31,2019 were $25,000 for Pan and $15,000 for Sam Inc. Sam's accounts and notes payable contain a $20,000 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