Pin Corporation paid $63,000 to acquire 90% of Siz Corporation's outstanding voting common stock at book value on May 1, 2019. The stockholders' equity of Siz on January 1, 2019 consisted of $40,000 Capital Stock and $20,000 Retained Earnings. Siz's total dividends for 2019 were $6,000, paid equally on April 1 and October 1. Siz's net income was earned uniformly throughout 2019. In 2019, pre-acquisition sales were $10,000 and pre-acquisition expenses were cost of sales for $5,000. During 2019, Pin made sales of $20,000 to Siz at a gross profit of $3,000. One-half of this merchandise was inventoried by Siz at year-end. Pin sold equipment with a ten-year remaining useful life to Siz at a $2,000 gain on December 30, 2019. The straight-line depreciation method is used by both companies. The equipment has no salvage value. Financial statements of Pin and Siz Corporations for 2019 appear in the first two columns of the partially completed consolidation working papers. Required: Compute with steps all the missing information . Complete the consolidating working papers for Pin Corporation and Subsidiary for the year ending December 31, 2019. Eliminations Consolidated Pin Siz Debit Credit INCOME STATEMENT Sales Income of Sizee Gain on sale of equipment Cost of Sales and expenses 100,000 $60,000 2,000 (52,500) 41,000) Depreciation expense (11,000) (4,000) Net income 15,000 Retained Earnings 1/1 60,000 20,000 Add: Net income 15,000 Less: Dividends 10,000) 6,000) Retained Earnings 12/31 29,000 BALANCE SHEET Cash 8,000 7,000 Receivables 11,000 9,000 Inventories 10,000 22,000 Equipment - net 94,200 42,000 Investment in Siz TOTAL ASSETS $ 80,000 Accounts payable 35,000 11,000 Capital Stock 60,000 40,000 Retained Earnings 29,000 TOTAL LIAB. & EQUITY $ 80,000