Perkins Company acquired 100% of Schultz Company on January 1, 2012, for $ 163,600. On December 31, 2012, the companies prepared the following trial balances: Cash Inventory Investment in Schultz Company Land Cost of Goods Sold Other Expense Dividends Declared Total Debits Perkins $24,800 102,100 228,300 111,200 231,500 42,000 15,200 $755,100 Schultz $29,900 100,300 -0- 100,500 60,400 39,900 10,500 $341,500 Accounts Payable Common Stock Other Contributed Capital Retained Earnings, 1/1 Sales Equity in Subsidiary Income Total Credits $72,400 155,900 35,800 24,300 391,500 75,200 $755,100 $17,300 78,500 17,300 52,900 175,500 -0- $341,500 (b) Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. Any difference between the book value of equity acquired and the value implied by the purchase price relates to goodwill. (List items that increase retained earnings first.) Perkins Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012 Schultz Perkins Company Eliminating Entries Cr. Consolidated Balances Company Dr. Income Statement Retained Earnings Statement Balance Sheet Total HUOY Total