Parent Inc. is contemplating a tender offer to acquire 80% of Subsidiary Corporation's common stock. Subsidiary's shares are currently quoted on the New York Stock Exchange at $85 per share. In order to have a reasonable chance of the tender offer attracting 80% of Subsidiary's stock, Parent believes it will have to offer at least $105 per share. If the tender offer is made and is successful, the purchase will be consummated on January 1, 20X1. Step 4 - Statement of Retained Earnings : Step 5 - Balance Sheet : Prepare a pro forma consolidated worksheet. Prepare a pro forma consolidation worksheet for Parent Inc. and its proposed subsidiary as of December 31, 20X1. To ensure you are starting with the right numbers, use the solution provided to Milestone 1 for the adjusted pro forma 20X1 financial statements of Parent Inc., and the projected 20X1 financial statements of Subsidiary Corporation in Table 1. Show all consolidation adjusting entries, including minority interest entries. Adj. Parent Subsidiary 20X1 20X1 Pro Forma Pro Forma S Consolidation Adjustments Debit Non- Controlling Interest Consolidated Sentry A entry I entry D entry E entry Tl entry Gentry Show transcribed image text