Pee Company acquired 75% in See Company for $600,000 on Jan 1, 2019, when See had $500,000 capital stock and $200,000 retained earnings. The excess of fair over book value relates to the goodwill. Pee acquired 60% in Bee for $180,000 on Jan 1, 2019, when Bee had $200,000 capital stock and $50,000 retained earnings. See acquired 30% in Bee on Jan 1, 2019 for $90,000, when Bee had $100,000 capital stock and $20,000 retained earnings. The excess of fair over book value relates to goodwill. During 2018, Pee Company sold goods to See Company at a profit of $30,000. This merchandise was sold during 2019. Bee Company sold merchandise that had cost $80,000 to See Company for $100,000 during 2019. Half of this merchandise is held by See at December 31, 2019. Required: Compute all missing and required data then prepare the consolidated financial statements for the year ended December 31, 2019. Consolidated Eliminations Debit Credit Pee See Bee INCOME STATEMENT Sales 800,000 400,000 200,000 Income from See Income from Bee Cost of Sales (350,000) (120,000) (70,000) Other Expenses 150.000 80.000) 130.000) ML Expense See ML Expense Bee Net income 532.500 230.000 100.000 Retained Earnings 1/1/19 150,000 200,000 50,000 Less: Dividends (50,000) 100,000) 50,000) Retained Earnings 12/31/19 330,000 100,000 BALANCE SHEET: Cash Accounts receivable inventories Plant assets-net Investment in See: 75% 1,049,25 Investment in Bee: 60%+ 30% 110,000 Goodwill TOTAL ASSETS 11,893,25 1,010,00 $700,000 LIAB. & EQUITY Accounts payable Capital Stock Retained Earnings 12/31 NC Interest 80,000 51,000 1,000,00 600,000 549,000 330,000 100,000 TOTAL LIAR & EQUITY 893 25