Powell Corporation acquired 90% of the voting stock of Santer Corporation on January 1, 2014 for $11,700 when Santer had Capital Stock of $5,000 and Retained Earnings of $4,000. The amounts reported on the financial statements approximated fair value, with the exception of inventories, which were understated on the books by $500 and were sold in 2014, land which was undervalued by $1,000, and equipment with a remaining useful life of 5 years under the straight-line method, which was undervalued by $1,500. Any remainder was assigned to goodwill. Financial statements for Powell and Santer Corporations at the end of the fiscal year ended December 31, 2015 appear in the first two columns of the partially completed consolidation working papers. Powell has accounted for its investment in Santer using the equity method of accounting. Powell Corporation owed Santer Corporation $100 on open account at the end of the year. Dividends receivable in the amount of $450 payable from Santer to Powell is included in Powell's net receivables. Complete the consolidation working papers for Powell Corporation and Subsidiary for the year ended December 31, 2015.

								Q4

Powell Corporation acqured 90% of the voting stock of Santer Corporation on January 1 2014 tr $11,700 when Santer had Capital Stock of $5 000 and Retained Earnings of $4,000 The amounts reported on the financial statements approximated fair value, with the exception of inventories, which were understated on the books by $500 and were sold in 2014, land which was undervalued by $1,000, and equipment with a remaining useful life of 5 years under the straight-Ine method, which was undervalued by $1.500 Any remainder was assigned to goodwill. ood Financial statements for Powell and Santer Corporations at the end of the fiscal year ended December 31, 2015 appear in the first two columns of the partially completed consolidation working papers Powell has accounted for its investment in Santer using the equity method of accounting. Powell owed Santer Corporation $100 on open account at the end of the year. Dividends receivable in the amount of $450 payable from Santer to Powell is included in Powell's net receivables Complete the consolidation working papers for Powell Corporation and Subsidiary for the year ended December 31. 2015 Eliminations Powell Santer Consolidated SACOME STATEMENT 100000 5.$00 Sales Income from Santer Cost of Sales S 10,000 6,500 1,080 1.000) (1,000) 700 Other Expenses Noncontrolling Interest Net Income Add: 4,280 1,500 | 2510| 5000 Net Income 4280 (2000) 111000) 4,280 1,500 Retained Earnings 12/31 $ 4,790 5,500 BALANCE SHEET Cash 1440 1,100 Inventories Land Equipment and 1,900 600 1,5001,200 1,000 1,600 7,5006,700 Investment in Santer 12,060 TOTAL ASSETS LIAB & EQUITY Dividends 3810 1000 500 1400 5000 4.7905,500 Stock Ret Earnings Nonctl Interest 1/1 Noncti. Interest 12/31 TOTAL LIAB& S 24.600 12,000