Prepare a consolidated statements workpaper on December 31, 2012. 
On January 1, 2012, Parker Company purchased 90% of the outstanding common stock of Sid Company for $181,300. At that time, Sid's stockholders' equity consisted of common stock, $120,300; other contributed capital, $19,900; and retained earnings, $24,600. Assume that any difference between book value of equity and the value implied by the purchase price is attributable to land. On December 31, 2012, the two companies' trial balances were as follows: Sid Parker Cash $64,800 $34,800 Accounts Receivable 40,400 30,000 Inventory Investment in Sid Company 24,600 14,700 186,340 -0- Plant and Equipment 85,400 108,800 Land 48,900 45,200 Dividends Declared 15,300 19,900 Cost of Goods Sold 147,200 61,200 Operating Expenses 35,000 15,000 $675,940 $301,600 Total Debits Accounts Payable $19,800 $15,000 Other Liabilities 15,300 24,700 Common Stock 199,900 120,300 Other Contributed Capital 69,100 19,900 Retained Earnings, 1/1 54,200 24,600 Sales 298,830 97,100 Equity in Subsidiary Income 18,810 -0- $675,940 $301,600 Total Credits Parker Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012 Eliminating Entries Parker Consolidated Sid Noncontrolling Balance Interest Company Company Dr Cr Income Statement Retained Earnings Statement Balance Sheet Total Noncontrolling Interest 1/1 Noncontrolling Interest 12/31 On January 1, 2012, Parker Company purchased 90% of the outstanding common stock of Sid Company for $181,300. At that time, Sid's stockholders' equity consisted of common stock, $120,300; other contributed capital, $19,900; and retained earnings, $24,600. Assume that any difference between book value of equity and the value implied by the purchase price is attributable to land. On December 31, 2012, the two companies' trial balances were as follows: Sid Parker Cash $64,800 $34,800 Accounts Receivable 40,400 30,000 Inventory Investment in Sid Company 24,600 14,700 186,340 -0- Plant and Equipment 85,400 108,800 Land 48,900 45,200 Dividends Declared 15,300 19,900 Cost of Goods Sold 147,200 61,200 Operating Expenses 35,000 15,000 $675,940 $301,600 Total Debits Accounts Payable $19,800 $15,000 Other Liabilities 15,300 24,700 Common Stock 199,900 120,300 Other Contributed Capital 69,100 19,900 Retained Earnings, 1/1 54,200 24,600 Sales 298,830 97,100 Equity in Subsidiary Income 18,810 -0- $675,940 $301,600 Total Credits Parker Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012 Eliminating Entries Parker Consolidated Sid Noncontrolling Balance Interest Company Company Dr Cr Income Statement Retained Earnings Statement Balance Sheet Total Noncontrolling Interest 1/1 Noncontrolling Interest 12/31
