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: Current assets Investment in S Company Long-term assets Other assets Total Case I P Company Company $ 884,900 $258,400 191,100 1,393,200 400,600 89,500 40,300 $2,558,700 $699,300 Case II P Company S Company $ 774,200 $282,700 191,100 1,199,700 400,600 69,800 70,200 $2,234,800 $753,500 Current liabilities Long-term liabilities Common stock Retained earnings Total $ 637,600 849,700 602,700 468,700 $2,558,700 $271,900 288,200 179,700 (40,500) $699,300 $696,500 914,300 602,700 21,300 $2,234,800 $259,100 269,700 179,700 45,000 $753,500 (al) 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 o decimal places, e.g. 125.) P COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper November 30, 2014 Eliminations Company Company Dr. Cr. Noncontrolling Interest Consolidated Balance Case I Current Assets $884,900 $258,400 Investment in S Company 191,100 Difference between Implied and Book Value Long-term Assets 1,393,200 400,600 Other Assets 89,500 40,300 Total Assets 2,558,700 699,300 Current Liabilities 637,600 271,900 Long-term Liabilities 849,700 288,200