Parrot Corporation acquired 90% of Swallow Co. on January 1, 2014 for $27,000 cash when Swallow's stockholders' equity consisted of $10,000 of Capital Stock and $5,000 of Retained Earnings. The difference between the fair value and book value of Swallow's net assets was allocated solely to a patent amortized over 5 years. The separate company statements for Parrot and Swallow appear in the first two columns of the partially completed consolidation working papers. Complete the consolidation working papers for Parrot and Swallow for the year 2014. Parrot Swallow Eliminations Debit Credit Consolidated $ 15,000 20.000 2.970 19,200) 12.300) (4.700) (4,000) 11.470 11,000 6.300 5,000 11,470 6,300 INCOME STATEMENT Sales Income of Swallow Cost of Sales Other Expenses Noncontrolling Interest Share Net Income Retained Earnings 1/1 Add: Net Income Less: Dividends Retained Earnings 12/31 BALANCE SHEET Cash Accounts Receivable net Inventories Patent Land Equipment and Buildings.net (3.000) (2.000) $ 19,470 9,300 2,000 1,900 12,000 14.000 5,500 8,000 27,000 42.000 60,000 43,000 28,170 143 170 $ 100 400 $ Investment in Swallow Co TOTAL ASSETS LIAB. & EQUITY Accounts Payable Capital Stock Retained earnings 1/1 Noocontrol Interest 12/31 Noocontrol Interest TOTAL LIAB. & EQUITY 93,700 30,000 19,470 81,100 10,000 9.300 143,170 100,400