*Problem 6-17 Paque Corporation owns 90% of the common stock of Segal Company. The stock was purchased for $813,960 on January 1, 2012, when Segal Company's retained earnings were $148,900. Financial data for 2016 are presented here: Paque Corporation $1,652,500 92,088 1,744,688 Segal Company $796,500 796,600 Sales Equity in Subsidiary Income Total Revenue Cost of Goods Sold: Beginning Inventory Purchases Cost of Goods Available Less! Ending Inventory Cost of Goods Sold Other Expenses Total Cost and Expense Net Income 223,200 1,267,500 1,490,800 211,400 1,279,400 313,000 1,592,400 $152.288 165,100 527,600 692,700 172,700 520,000 204,300 724,300 $72,300 1/1 Retained Earnings Net Income Dividends Declared 12/31 Retained Earnings 792,800 152,288 (149,500) S795,588 178,800 72,300 (60,600) $190,500 $75,100 167,200 172,700 Cash Accounts Receivable Inventory Investment in Segal Company Other Assets Total Assets $93,600 321,400 211,400 837,828 754,700 $2,218,928 630,100 $1,045,100 Accounts Payable Other Current Liabilities Capital Stock Retained Earnings Total Liabilities and Equity 5110,340 111,800 1,201,200 795,588 $2,218,928 $39,700 59,400 755,500 190,500 $1,045,100 The January 1, 2016, inventory of Paque Corporation includes $45,100 of profit recorded by Segal Company on 2015 sales. During 2016, Segal Company made intercompany sales of $297,000 with a markup of 20% of selling price. The ending Inventory of Paque Corporation includes goods purchased in 2016 from Segal Company for $75,400. Paque Corporation uses the complete equity method to record its investment in Segal Company. Prepare the consolidated statements workpaper for the year ended December 31, 2016. (List items that increase retained earnings first.) PAQUE CORPORATION AND SUBSIDIARY Consolidated Statement Workpaper For the Year Ended December 31, 2016 Paque Segal Eliminations Corporation Company Dr Cr. Income Statement Noncontrolling Interest Consolidated Balances $ Cost Goods Sold: Retained Earnings Statement Balance Sheet LUOTTE TWITTKOTUOTTE TUTTE TTTTTTGART LOTTACAME TTTTTTONE 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest $ Attempts: 0 of 10 used *Problem 6-17 Paque Corporation owns 90% of the common stock of Segal Company. The stock was purchased for $813,960 on January 1, 2012, when Segal Company's retained earnings were $148,900. Financial data for 2016 are presented here: Paque Corporation $1,652,500 92,088 1,744,688 Segal Company $796,500 796,600 Sales Equity in Subsidiary Income Total Revenue Cost of Goods Sold: Beginning Inventory Purchases Cost of Goods Available Less! Ending Inventory Cost of Goods Sold Other Expenses Total Cost and Expense Net Income 223,200 1,267,500 1,490,800 211,400 1,279,400 313,000 1,592,400 $152.288 165,100 527,600 692,700 172,700 520,000 204,300 724,300 $72,300 1/1 Retained Earnings Net Income Dividends Declared 12/31 Retained Earnings 792,800 152,288 (149,500) S795,588 178,800 72,300 (60,600) $190,500 $75,100 167,200 172,700 Cash Accounts Receivable Inventory Investment in Segal Company Other Assets Total Assets $93,600 321,400 211,400 837,828 754,700 $2,218,928 630,100 $1,045,100 Accounts Payable Other Current Liabilities Capital Stock Retained Earnings Total Liabilities and Equity 5110,340 111,800 1,201,200 795,588 $2,218,928 $39,700 59,400 755,500 190,500 $1,045,100 The January 1, 2016, inventory of Paque Corporation includes $45,100 of profit recorded by Segal Company on 2015 sales. During 2016, Segal Company made intercompany sales of $297,000 with a markup of 20% of selling price. The ending Inventory of Paque Corporation includes goods purchased in 2016 from Segal Company for $75,400. Paque Corporation uses the complete equity method to record its investment in Segal Company. Prepare the consolidated statements workpaper for the year ended December 31, 2016. (List items that increase retained earnings first.) PAQUE CORPORATION AND SUBSIDIARY Consolidated Statement Workpaper For the Year Ended December 31, 2016 Paque Segal Eliminations Corporation Company Dr Cr. Income Statement Noncontrolling Interest Consolidated Balances $ Cost Goods Sold: Retained Earnings Statement Balance Sheet LUOTTE TWITTKOTUOTTE TUTTE TTTTTTGART LOTTACAME TTTTTTONE 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest $ Attempts: 0 of 10 used