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Power Company owns 90 percent of Pleasantdale Dairy's stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts:

Power Company owns 90 percent of Pleasantdale Dairy's stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts:

PowerCompanyPleasantdale Dairy

Assets

Cash & Receivables$143,000$71,000

Inventory211,00091,000

Land77,00042,000

Buildings & Equipment (net)396,000221,000

Investment in Pleasantdale Stock 268,200_____________

Total Assets$1,095,200$425,000

Liabilities & Stockholders' Equity

Current Payables$77,000$31,000

Long-Term Liabilities234,200116,000

Common Stock397,00069,000

Retained Earnings387,000209,000

Total Liabilities & Stockholders' Equity$1,095,200$425,000

The fair value of the noncontrolling interest at the date of acquisition was determined to be $29,800. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $14,000 plus $1,100 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.

Required:

A consolidated balance sheet worksheet is needed. (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 all 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.)

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