Picky Corporation paid $350,000 for an 70% interest in Sticky Corporation on January 1, 20X6 when the stockholders' equity of Sticky consisted of $200,000 capital stock and $140,000 retained earnings. The following assets of Sticky had fair values different from their book values when Picky acquired its interest:

Stickys accounts payable at December 31, 20X8 included $15,000 owed to Picky. Picky and Stickys financial statements for the year ended 12/31/20X8 are provided below:

Complete the partially completed Consolidated Workpapers for year ended 12/31/X8.

Picky Corporation and Subsidiary Consolidation Working Papers
For the year ended December 31, 20X8
	Picky	Sticky	Adjustments & Eliminations (In 000's)				Consolidated
	(In 000s)	(In 000s)					(In 000's)
Income Statement				DR.		CR.
Sales	$882.0	$300.0
Income from Sticky	29.4
Cost of sales	(600.0)	(150.0)
Operating expenses	(150.0)	(75.0)
Interest expense	(30.0)	(25.0)
Consolidated net income (CNI)
Controlling share of CNI	$131.4	$50.0
Retained Earnings
Retained earnings-Picky 1/1/X8	$105.0
Retained earnings-Sticky 1/1/X8		$160.0
Net income	131.4	50.0
Dividends	(100.0)	(20.0)
Retained earnings-12/31/X8	$136.4	$190.0
Balance Sheet
Cash	$166.6	$15.0
Accounts receivable	72.0	20.0
Inventories	100.0	60.0
Loan receivable from Sticky	50.0
Land	160.0	85.0
Equipment-net	240.0	730.0
Dividends receivable	7.0
Investment in Sticky	380.8
Totals	$1,176.4	$910.0
Accounts payable	$100.0	$60.0
Dividends payable	70.0	10.0
Bonds payable	170.0	400.0
Loan payable to Picky		50.0
Capital stock	700.0	200.0
Retained earnings	136.4	190.0
Totals	$1,176.4	$910.0

Inventories (sold in 20X6) Equipment (5-year life at the time of combination) Bonds Payable (matures on Dec 31, 20X9) Book Value $ 50,000 600,000 (500,000) Fair Value $ 32,000 680,000 (532,000) Picky (In 000's) Sticky (In 000's) $300.0 Income Statement Sales Income from Sticky Cost of sales Operating expenses Interest expense Net Income $882.0 29.4 (600.0) (150.0) (30.0) (150.0) (75.0) (25.0) $131.4 $50.0 $160.0 50.0 $105.0 131.4 (100.0) $136.4 (20.0) $190.0 Retained Earnings Retained earnings 1/1/X8 Net income Dividends Retained earnings-12/31/X8 Balance Sheet Cash Accounts receivable Inventories Loan receivable from Sticky Land Equipment-net Dividends receivable Investment in Sticky Totals $15.0 20.0 60.0 $166.6 72.0 100.0 50.0 160.0 240.0 7.0 85.0 730.0 380.8 $1,176.4 $910.0 $100.0 70.0 170.0 Accounts payable Dividends payable Bonds payable Loan payable to Picky Capital stock Retained earnings Totals $60.0 10.0 400.0 50.0 200.0 190.0 $910.0 700.0 136.4 $1,176.4 Inventories (sold in 20X6) Equipment (5-year life at the time of combination) Bonds Payable (matures on Dec 31, 20X9) Book Value $ 50,000 600,000 (500,000) Fair Value $ 32,000 680,000 (532,000) Picky (In 000's) Sticky (In 000's) $300.0 Income Statement Sales Income from Sticky Cost of sales Operating expenses Interest expense Net Income $882.0 29.4 (600.0) (150.0) (30.0) (150.0) (75.0) (25.0) $131.4 $50.0 $160.0 50.0 $105.0 131.4 (100.0) $136.4 (20.0) $190.0 Retained Earnings Retained earnings 1/1/X8 Net income Dividends Retained earnings-12/31/X8 Balance Sheet Cash Accounts receivable Inventories Loan receivable from Sticky Land Equipment-net Dividends receivable Investment in Sticky Totals $15.0 20.0 60.0 $166.6 72.0 100.0 50.0 160.0 240.0 7.0 85.0 730.0 380.8 $1,176.4 $910.0 $100.0 70.0 170.0 Accounts payable Dividends payable Bonds payable Loan payable to Picky Capital stock Retained earnings Totals $60.0 10.0 400.0 50.0 200.0 190.0 $910.0 700.0 136.4 $1,176.4