Price Corporation acquired 100 percent ownership of Saver Company on January 1,208, for $107,500. At that date, the falr value of Saver's bulldings and equipment was $19,000 more than the book value. Bulldings and equipment are depreclated on a 10 -year basls. Although goodwill Is not amortized, Price's management concluded at December 31, 20X8, that goodwill Involved In Its acquisition of Saver shares had been Impalred and the correct carrying value was $2,900. No additional Impalrment occurred In 209. Trlal balance data for Price and Saver on December 31, 20X9, are as follows: \begin{tabular}{|c|c|c|c|c|c|} \hline No & Event & \multicolumn{2}{|c|}{ Accounts } & Debit & Credit \\ \hline \multirow[t]{5}{*}{ A } & 1 & Common stock & 2 & 50,000 & \\ \hline & & Retained earnings & 2 & 38,000 & \\ \hline & & Income from Saver Company & & 54,000 & \\ \hline & & Dividends declared & 2 & & 38,100 \\ \hline & & Investment in Saver Company & 2 & & 103,900 \\ \hline \multirow[t]{2}{*}{B} & 2 & Depreciation expense & 2 & 1,900 & \\ \hline & & Income from Saver Company & 2 & & 1,900 \\ \hline \multirow[t]{4}{*}{C} & 3 & Buildings and equipment & 2 & 19,000 & \\ \hline & & Goodwill & 2 & 2,900 & \\ \hline & & Accumulated depreciation & 2 & & 1,900 \\ \hline & & Investment in Saver Company & 2 & & \\ \hline \multirow[t]{2}{*}{D} & 4 & Accumulated depreciation & 2 & & \\ \hline & & Buildings and equipment & 2 & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ Consolidated Financial Statements Worksheet } \\ \hline \multicolumn{8}{|c|}{ December 31,209} \\ \hline & \multirow{2}{*}{\multicolumn{2}{|c|}{PriceCorporation}} & \multirow{2}{*}{SaverCompany} & \multicolumn{2}{|c|}{ Consolidation Entries } & \multirow{2}{*}{\multicolumn{2}{|c|}{ Consolidated }} \\ \hline & & & & Debit & Credit & & \\ \hline \multicolumn{8}{|l|}{ Income Statement } \\ \hline Sales & S & 296,000 & S 206,000 & & & S & 502,000 \\ \hline Less: COGS & & (139,000) & (105,000) & & & & (244,000) \\ \hline Less: Wage expense & & (35,000) & (20,000) & & & & (55,000) \\ \hline Less: Depreciation expense & & (25,000) & (8,000) & & & & (33,000) \\ \hline Less: Interest expense & & (12,000) & (3,000) & & & & (15,000) \\ \hline Less: Other expenses & & (23,000) & (16,000) & & & & (39,000) \\ \hline \multicolumn{8}{|l|}{ Income from Saver Company } \\ \hline Net Income & S & 62,000 & 54,000 & 0 & $ & $ & 116,000 \\ \hline \multicolumn{8}{|l|}{ Statement of Retained Earnings } \\ \hline Beginning balance & S & 168,400 & 38,000 & & & \$ & 206,400 \\ \hline Net income & & 62,000 & 54,000 & & & & 116,000 \\ \hline Less: Dividends declared & & (33,000) & (38,100) & & & & (71,100) \\ \hline Ending Balance & $ & 197,400 & 53,900 & 0 & $ & \$ & 251,300 \\ \hline \multicolumn{8}{|l|}{ Assets } \\ \hline Cash & S & 51,500 & 34,000 & & & s & 85,500 \\ \hline Accounts receivable & & 89,0000 & 23,000 & & & & 112,000 \\ \hline Inventory & & 101,000 & 33,000 & & & & 134,000 \\ \hline Land & & 56,000 & 34,000 & & & & 90,000 \\ \hline Buildings and equipment & & 367,000 & 164,000 & & & & 531,000 \\ \hline Less: Accumulated depreciation & & (162,000) & (49,000) & & & & (211,000) \\ \hline Investment in Saver Company & & 122,000 & 0 & & & & 122,000 \\ \hline Goodwill & & 00 & 02 & & & & \\ \hline Total Assets & $ & 624,500 & $239,000 & $ & $ & $ & 863,500 \\ \hline \multicolumn{8}{|c|}{ Liabilities and Stockholders' Equity } \\ \hline Accounts payable & S & 37,000 & 14,000 & & & \$ & 51,000 \\ \hline Wages payable & & 13,000 & 5,000 & & & & 18,000 \\ \hline Notes payable & & 136,000 & 116,100 & & & & 252,100 \\ \hline Common stock & & 189,000 & 50,000 & & & & 239,000 \\ \hline Retained earnings & & 197,400 & 53,900 & & & & 251,300 \\ \hline Total Liabilities and Equity & $ & 572,400 & \$ 239,000 & $ & $ & s & 811,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Consolidated Balance Sheet } \\ \hline \multicolumn{3}{|c|}{ December 31, 20X9 } \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & & 85,500 \\ \hline Accounts receivable & 2 & 112,000 \\ \hline Inventory & 2 & 134,000 \\ \hline Land & ? & 90,000 \\ \hline Buildings and equipment & & \\ \hline Accumulated depreciation & 2 & \\ \hline Goodwill & 2 & \\ \hline Total Assets & & 421,500 \\ \hline \multicolumn{3}{|c|}{ Liabilities and Stockholders' Equity } \\ \hline Accounts payable & ? & \\ \hline Wages payable & & \\ \hline Notes payable & 2 & \\ \hline Common stock & 2 & \\ \hline Retained earnings & 2 & \\ \hline Total Liabilities and Stock & & $ \\ \hline \end{tabular} PRICE CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X9 \begin{tabular}{|lr|l|l|} \hline Sales & & & \\ \hline Cost of goods sold & & & \\ \hline Wage expense & & & \\ \hline Depreciation expense & & & \\ \hline Interest expense & & & \\ \hline Other expenses & & \\ \hline & & \\ \hline Total Expenses & & S \\ \hline Consolidated net income & & 0 \\ \hline \end{tabular} PRICE CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X9 \begin{tabular}{l|l|l} \hline Retained Earnings, January 1,209 & & \\ \hline Add: Net income & & \\ \hline & & \\ \hline Less: Dividends declared & & \\ \hline Retained Earnings, December 31,209 & $ & 0 \\ \hline \end{tabular}