prepare the consolidated balance sheets and eliminating wntries at date of acquisition. show work by completing the workpaper

Cost Method 100% Owned Year of Acquisition Parent Company Consolidated Statements Workpaper - Cost Method P Company and Subsidiary at date of acquisition. S Eliminations Dr. C. P Consolidate Balances Company 57.000 226,000 75,000 95,000 26,000 43,000 20,000 Balance Sheet Assets Current Assets Investment in S Company Difference between Implied and Book Value PPE Land Goodwill Total Assets Liabilities and Equity Current Liabilities Common Stock 1 P Company ! S Company Other Contributed Capital 1 P Company ? S Company 422,000 120,000 148,000 45,000 130,000 40,000 105,000 24,000 w 69F C Piww 95,000 26,000 43,000 20,000 422,000 120,000 148,000 45,000 invesunent ma company Difference between Implied and Book Value PPE Land Goodwill Total Assets Liabilities and Equity Current Liabilities Common Stock P Company S Company Other Contributed Capital 1 P Company 2 S Company 3 Retained Earnings P Company 5 S Company 5 Total Liabilities and Equity 130,000 40,000 105,000 24,000 39,000 11,000 120,000 422,000 Cost Method 100% Owned Year of Acquisition Parent Company Consolidated Statements Workpaper - Cost Method P Company and Subsidiary at date of acquisition. S Eliminations Dr. C. P Consolidate Balances Company 57.000 226,000 75,000 95,000 26,000 43,000 20,000 Balance Sheet Assets Current Assets Investment in S Company Difference between Implied and Book Value PPE Land Goodwill Total Assets Liabilities and Equity Current Liabilities Common Stock 1 P Company ! S Company Other Contributed Capital 1 P Company ? S Company 422,000 120,000 148,000 45,000 130,000 40,000 105,000 24,000 w 69F C Piww 95,000 26,000 43,000 20,000 422,000 120,000 148,000 45,000 invesunent ma company Difference between Implied and Book Value PPE Land Goodwill Total Assets Liabilities and Equity Current Liabilities Common Stock P Company S Company Other Contributed Capital 1 P Company 2 S Company 3 Retained Earnings P Company 5 S Company 5 Total Liabilities and Equity 130,000 40,000 105,000 24,000 39,000 11,000 120,000 422,000