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 purchased 90% of the subsidiary's stock Case I Case Il P Company S Company P Company S Company s780,200 $279,300 872,000 $262,400 Current assets Investment in S Company Long-term assets Other assets 188,700 1,394,700 89,800 188,700 1,208,300 69,400 398,500 70,600 $2,545,200 $701,000 $2,246,600$748,400 398,500 40,100 Total Current liabilities Long-term liabilities Common stock Retained earnings $ 701,400 $259,900 272,400 180,600 35,500 $2,545,200 $701,000 $2,246,600$748,400 $639,000 857,300 595,700 453,200 $269,300 291,300 180,600 (40,200) 927,100 595,700 22,400 Total (a1) Case I: 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 0 decimal places, e.g. 125.) 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 purchased 90% of the subsidiary's stock Case I Case Il P Company S Company P Company S Company s780,200 $279,300 872,000 $262,400 Current assets Investment in S Company Long-term assets Other assets 188,700 1,394,700 89,800 188,700 1,208,300 69,400 398,500 70,600 $2,545,200 $701,000 $2,246,600$748,400 398,500 40,100 Total Current liabilities Long-term liabilities Common stock Retained earnings $ 701,400 $259,900 272,400 180,600 35,500 $2,545,200 $701,000 $2,246,600$748,400 $639,000 857,300 595,700 453,200 $269,300 291,300 180,600 (40,200) 927,100 595,700 22,400 Total (a1) Case I: 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 0 decimal places, e.g. 125.)