Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $111,700. At that date, the fair value of Saver's buildings and equipment was $17,000 more than the book value. Accumulated depreciation on this date was $14,000. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Prices management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,900. No additional impairment occurred in 20X9. Trial balance data for Price and Saver on December 31, 20X9, are as follows:

Required: a. Prepare all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9.

(Basic consolidation, amortized excess value reclassification entry, excess value (differential) reclassification entry, optional accumulated depreciation consolidation entry.

b. Prepare a three-part consolidation worksheet for 20X9.

c-1. Prepare a consolidated balance sheet for 20X9.

c-2. Prepare a consolidated income statement for 20X9.

c-3. Prepare a retained earnings statement for 20X9.

Price Corporation Debit Saver Compan Item Cash Accounts Receivable Inventory Land Buildings & Equipment Investment in Saver Company Cost of Goods Sold Wage Expense Depreciation Expense Interest Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Wages Payable Notes Payable Common Stock Retained Earnings Sales Income from Saver Company Credit Debit Credit $56,500 95,000 107,000 65,000 369,000 126,200 140,000 32,000 22,000 9,000 20,000 35,000 $ 34,000 19,000 29,000 30,000 169,000 108,000 17,000 9,000 3,000 13,000 39,300 $ 167,000 49,000 9,000 146,000 183,000 177,400 292,000 $ 32,000 10,000 5,000 124,300 53,000 41,000 205,000 $1,076,700 $1,076,700 $470,300 $470,300 b. Prepare a three-part consolidation worksheet for 20x9. (Values in the first two columns (the "parent" and "subsidiary" where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the PRICE CORPORATION AND SUBSIDIARY Consolidated Financial Statements Worksheet December 31, 20X9 Consolidation Entries Price Corp. Saver Co. Consolidated Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense Less: Other expenses Income from Saver Co Net Income Statement of Retained Earnings Beginning balance Net income Less: Dividends declared Ending Balance Assets $ 292,000 S 205,000 (108,000) (17,000) (9,000) (3,000) (13,000) S 497,000 (248,000) (49,000) (31,000) (12,000) (33,000) 53,300 0 S177,300 (140,000 (32,000) (22,000 (20,000) 53,300 S 122,300 S 55,000S 177,400 S 122,300 (35,000) 41,000 55,000 (39,300) S 177,400 177,300 (35,000) 39,300 S 319,700 39,300 S 264,700 S 56,700 S 1,000S 56,500 S 34,000 19,000 29,000 30,000 169,000 (32,000) 90,500 114,000 136,000 95,000 555,000 (199,000) 126,200 Accounts receivable Inventory Land Buildings & equipment Less: Accumulated depreciation Investment in Saver Co Goodwil Total Assets Liabilities & Stockholders' Equity Accounts payable Wages payable Notes payable Common stock Retained earnings Total Liabilities & Equity 95,000 107,000 65,000 369,000 (167,000) 126,200 17,000 S 651,700S 249,000 S 17,000 S 0 S917,700 49,000 $ 9,000 146,000 183,000 264,700 10,000 5,000 124,300 53,000 56,700 59,000 14,000 270,300 183,000 319,700 846,000 53,000 41,000 94,000 S 39,300 S 651,700S 249,000 S 39,300 C-1. Prepare a consolidated balance sheet for 20X9. (Amounts to be deducted should be indicated with a minus sign.) PRICE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20x9 Assets Cash Accounts receivable Inventory Land 90,500 114,000 136,000 95,000 538,000 (199,000) uildings and equipment Accumulated depreciation Goodwil 774,500 Total Assets Liabilities and Stockholders' Equity Accounts payable ages payable otes payable Common stock 59,000 14,000 270,300 etained earnings Total Liabilities and Stockholders' Equity 343,300 C-2. Prepare a consolidated income statement for 20x9. PRICE CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X9 Total Expenses Consolidated net income C-3. Prepare a retained earnings statement for 20x9. PRICE CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20x9 Retained Earnings, January 1, 20x9 Retained Earnings, December 31, 20x9