Problem 3-1 The two following separate cases show the financial position of a parent company and its subsidiary company on November 30, 2014, just after the parent had purchase 90% of the subsidiary's stock Caser Current assets Investment in s Company Long-term assets Other assets Total P Company s Company $ 879,000 $262,300 190,700 1,413,600 400,300 89,700 40,200 $2,573,000 $702,800 Case IT P Company s Company $778,000 $279,100 190,700 1,208,300 400,300 70,700 69,500 $2,247,700 $748,900 Current liabilities Long-term liabilities Common stock Retained earnings Total $ 646,400 842,100 605,200 479,300 $2.573,000 $272,300 292,300 181,800 (43,600 ) $702,800 $ 694,400 917,200 605,200 30,900 $2,247,700 $260,900 271,200 181,800 35,000 $748.000 Case 1: Prepare a November 30, 2014, consolidated balance sheet workpaper. Any difference between book value of equity and the value implied by the purchase price relates to subsidiary long-term assets. (Round answers to o decimal places, e.g. 125.) P COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper November 30, 2014 (an) Case 1: Prepare a November 30, 2014, consolidated balance sheet workpaper. Any difference between book value of equity and the value implied by the purchase price relates to subsidiary long-term assets. (Round answers to o decimal places, e.g. 125.) P COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper November 30, 2014 Eliminations Company Company Dr. Cr. Noncontrolling Consolidated Case 1 Interest Balance Current Assets $879,000 $262,300 Investment in s Company 190,700 190700 Difference between Implied and Book Value Long-term Assets 1,413,600 400,300 Other Assets 89,700 40,200 Total Assets 2,573,000 702,800 Current Liabilities 646,400 272,300 Long-term Liabilities 842,100 292,300 Common Stock: P Company 605,200 Terence between impreg anu DOOK Value PRINTER VERSION BACK NEXT Long-term Assets 1,413,600 400,300 Other Assets 89,700 40,200 Total Assets 2,573,000 702,800 Current Liabilities 646,400 272,300 842,100 292,300 Long-term Liabilities Common Stock: P Company 605,200 S Company 181,800 Retained Earnings P Company 479,300 S Company (43,600 ) Noncontrolling Interest Total Liabilities and Equity $2,573,000 $702,800 Attempts: 0 of 4 used