Problem 4-7 Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2011, for $448,290. At that time, Score Company had stockholders equity consisting of common stock, $203,800; other contributed capital, $161,300; and retained earnings, $91,600. On December 31, 2015, trial balances for Price Company and Score Company were as follows: Price Score Cash $110,200 $77,800 Accounts Receivable 164,300 95,000 Note Receivable 75,900 -0- 159,200 Inventory 304,400 -0 Investment in Score Company 448,290 Plant and Equipment 952,200 423,200 Land 161,600 70,500 Dividends Declared 70,100 50,500 Cost of Goods Sold 835,700 240,300 248,900 126,100 Other Expenses $3,371,590 $1,242,600 Total Debits $45,300 Accounts Payable $130,500 Notes Payable 296,700 121,100 Common Stock 493,200 203,800 Other Contributed Capital 260,700 161,300 Retained Earnings, 1/1 683,400 205,800 Sales 505,300 1,454,050 53,040 -0- Dividend and Interest Income $3,371,590 $1,242,600 Total Credits Price Company's note receivable is receivable from Score Company. Interest of $7,590 was paid by Score to Price during 2015. Any difference between book value and the value implied by the purchase price relates to goodwill. Prepare a consolidated statements workpaper on December 31, 2015. (List items that increase retained earnings first.) Consolidated Statements Workpaper For the Year Ended December 31, 2015 Eliminating Entries Price Score Noncontrolling Consolidated Balance Company Company Dr. Cr. Interest Income Statement Sales $ $ Equity in Subsidiary Income Total Revenues Cost of Goods Sold Other Expenses Total Cost and Expense Net Income Noncontrolling Interest Net Income to Retained Earnings Retained Earnings Statement Net Income Dividends Declared Balance Sheet Cash Accounts Receivable Note Receivable Inventory Investment in Subsidiary Total Total Dividends Declared Subsidiary Company Retained Earnings Noncontrolling Interest 1/1 Noncontrolling Interest 12/31