Pes Corporation acquired 80 percent of Split Brewing Company stock on January 1, 20x1 ot underlying book value. At that the fair value of the noncontrolling interest was equal to 20 percent of Split's book vale on January 20xi Split wed 5.300.000 value, 8 percent, 10 year bonds to Malt Company for $360,000, Pen subsequently purchased $100.000 of the bonds from Mart for $102,000 on January 1, 20X3. Interest is paid semiannually on January 1 and July 1 . Summarized balance sheets for Peo and Split on of December 31, 204, follow PER CORPORATION Balance December 31, 2004 Cash & Receivables 5122,50 Account Payee Inventory 200,000 Bones ble Buildings & Equipment (net) 320,000 Como Stock Investment in Solit Company Meine Earnings Bands 101,607 Stock 205.520 Total Assets 5045.627 Total Liabilities Owners alty 700,000 . Can Beceiveles Inventory Buliding Equipment (net) SPLIT NO COPA se Sheet December 2014 5124,000 Account 150,000 Bondse 300.000 Bond Con to Retained the 564.000 Total time fouity 12.000 0. 33.1 300,000 10.25 4,000 Total Asses At December 31 20X4, Split holds $42.000 of inventory purchased from Pesond Praheide 526,000 inventory purchased tum Sand Paint Anch other to making new and 40 At December 31, 20X4, Split holds $42.000 of inventory purchased from Pes, and Pea holds $26,000 of inventory purchased from Split Split and Pes sell Inventory to each other at cost plus markups of 30 percent and 40 percent, respectively Assume total sales from Pea to Split were $100,000 and from Split to Pea were $50,000. Required: a. Prepare all consolidation entries needed on December 31, 20X4, to complete a consolidated balance sheer worksheet Assume Split earned $74,476 and paid $10,000 in dividends during the year . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) view transaction list Consolidation Worksheet Entries B C D Record the basic consolidation entry, Note Enter debits before credits b. Prepare a consolidated balance sheet worksheet (Values in the first two columns (the parent" and "subsidiary" balances that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine ali debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) REX CORPORATION AND SUBSIDIARY Consolidated Financial Statement Worksheet Deceber 1, 2014 God solidation Entries Split Pea Com DR ZR Company Consolidated Balance Sheet Assets Cash and Receivables Inventory Buildings & Equipment (net) Investment in Solt Company Bonds Investment in Split Company Stock Total Assets Liabilities & Equity Accounts Payable Bonds Payable Premium on Bonds Payable c. Prepare a consolidated balance sheet in good form. (Do not round your intermediate calculations, Round your final answers to nearest whole dollar) PEA CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X4 Assets Total Assets Liabilities Stockholders uity Controlling interest Total controlling interest Pes Corporation acquired 80 percent of Split Brewing Company stock on January 1, 20x1 ot underlying book value. At that the fair value of the noncontrolling interest was equal to 20 percent of Split's book vale on January 20xi Split wed 5.300.000 value, 8 percent, 10 year bonds to Malt Company for $360,000, Pen subsequently purchased $100.000 of the bonds from Mart for $102,000 on January 1, 20X3. Interest is paid semiannually on January 1 and July 1 . Summarized balance sheets for Peo and Split on of December 31, 204, follow PER CORPORATION Balance December 31, 2004 Cash & Receivables 5122,50 Account Payee Inventory 200,000 Bones ble Buildings & Equipment (net) 320,000 Como Stock Investment in Solit Company Meine Earnings Bands 101,607 Stock 205.520 Total Assets 5045.627 Total Liabilities Owners alty 700,000 . Can Beceiveles Inventory Buliding Equipment (net) SPLIT NO COPA se Sheet December 2014 5124,000 Account 150,000 Bondse 300.000 Bond Con to Retained the 564.000 Total time fouity 12.000 0. 33.1 300,000 10.25 4,000 Total Asses At December 31 20X4, Split holds $42.000 of inventory purchased from Pesond Praheide 526,000 inventory purchased tum Sand Paint Anch other to making new and 40 At December 31, 20X4, Split holds $42.000 of inventory purchased from Pes, and Pea holds $26,000 of inventory purchased from Split Split and Pes sell Inventory to each other at cost plus markups of 30 percent and 40 percent, respectively Assume total sales from Pea to Split were $100,000 and from Split to Pea were $50,000. Required: a. Prepare all consolidation entries needed on December 31, 20X4, to complete a consolidated balance sheer worksheet Assume Split earned $74,476 and paid $10,000 in dividends during the year . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) view transaction list Consolidation Worksheet Entries B C D Record the basic consolidation entry, Note Enter debits before credits b. Prepare a consolidated balance sheet worksheet (Values in the first two columns (the parent" and "subsidiary" balances that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine ali debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) REX CORPORATION AND SUBSIDIARY Consolidated Financial Statement Worksheet Deceber 1, 2014 God solidation Entries Split Pea Com DR ZR Company Consolidated Balance Sheet Assets Cash and Receivables Inventory Buildings & Equipment (net) Investment in Solt Company Bonds Investment in Split Company Stock Total Assets Liabilities & Equity Accounts Payable Bonds Payable Premium on Bonds Payable c. Prepare a consolidated balance sheet in good form. (Do not round your intermediate calculations, Round your final answers to nearest whole dollar) PEA CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X4 Assets Total Assets Liabilities Stockholders uity Controlling interest Total controlling interest