Problem 6-9 On January 1, 2012, Perry Company purchased 20% of Selby Company for $999,400. At that time Selby had capital stock outstanding of $350,000 and retained earnings of $374,100. The far value of Selby Company's assets and liabilities is equal to their book value except for the following: Fair Value Book Value Inventory $210,700 $161,000 Plant and Equipment (10-year ife) 785,200 628,100 One-half of the inventory was sold in 2012, the remainder was sold in 2013. At the end of 2012. Perry Company had in its ending inventory $59,500 of merchandise it had purchased from Selby Company during the year. Selby Company sold the merchandise at 2566 above cost. During 2013, Perry Company sold merchandise to Seby Company for $308,100 at a markup of 20% of the selling price. At December 31, 2013, Seby soil had merchandise that it purchased from Perry Company for $62.600 in its inventory Financial data for 2013 are presented here: Perry Corporation $1,403,100 19,840 1,422,940 Selby Company $803,600 B03.500 Sales Dividend Income Total Revenue Cost of Goods Sold Beginning Inventory Purchases Cost of Goods Avalable Less: Ending Inventory Cost of Goods Sold Other Expenses Total cost and Expense Net Income 229,700 197.900 1.127,600 448,400 679,200 252,300 931,500 $491,440 143,700 330,200 523.900 199.900 324,000 193 200 517,200 $286.400 1/1 Retained Earnings Net Income Dividends Dedared 12/31 Retained Emings $1,505,500 491,440 (50,000 $1.947,940 $477,500 296,400 (24.800) $739,100 $69.500 89.500 199,900 Cash Accounts Receivable Inventory Investment in Selby Company Plant and Equipment (net) Other Assets (net) Total Assets $95,400 304,300 448,400 999,400 B43,400 309,300 $3,000,200 587,700 231,900 $1,178,500 Accounts Payable Other Liabilities Capital Stock Retained Earnings Total abilities and Equity $78,060 102,100 952,100 1.947,940 $3,080,200 $28,400 60,200 350,000 739,100 $1,178.500 Prepare the consolidated statements workpaper for the year ended December 31, 2013. (List items that increase retained earnings first.) PERRY CORPORATION AND SUBSIDIARY Consolidated statement Workpaper For the Year Ended December 31, 2013 Selby 2013 Eliminations Company Dr. Perry Noncontrolling Interest Consolidated Balances Corporation Income statement Sales 1,403,100 803,500 Dividend Income Revenues Cost of Goods Sold Retained Earnings Statement Balance sheet 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest Click if you would like to show Work for this question: Open Show Work Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER The parts of this question must be completed in order. This part will be available when you complete the part above Problem 6-9 On January 1, 2012, Perry Company purchased 20% of Selby Company for $999,400. At that time Selby had capital stock outstanding of $350,000 and retained earnings of $374,100. The far value of Selby Company's assets and liabilities is equal to their book value except for the following: Fair Value Book Value Inventory $210,700 $161,000 Plant and Equipment (10-year ife) 785,200 628,100 One-half of the inventory was sold in 2012, the remainder was sold in 2013. At the end of 2012. Perry Company had in its ending inventory $59,500 of merchandise it had purchased from Selby Company during the year. Selby Company sold the merchandise at 2566 above cost. During 2013, Perry Company sold merchandise to Seby Company for $308,100 at a markup of 20% of the selling price. At December 31, 2013, Seby soil had merchandise that it purchased from Perry Company for $62.600 in its inventory Financial data for 2013 are presented here: Perry Corporation $1,403,100 19,840 1,422,940 Selby Company $803,600 B03.500 Sales Dividend Income Total Revenue Cost of Goods Sold Beginning Inventory Purchases Cost of Goods Avalable Less: Ending Inventory Cost of Goods Sold Other Expenses Total cost and Expense Net Income 229,700 197.900 1.127,600 448,400 679,200 252,300 931,500 $491,440 143,700 330,200 523.900 199.900 324,000 193 200 517,200 $286.400 1/1 Retained Earnings Net Income Dividends Dedared 12/31 Retained Emings $1,505,500 491,440 (50,000 $1.947,940 $477,500 296,400 (24.800) $739,100 $69.500 89.500 199,900 Cash Accounts Receivable Inventory Investment in Selby Company Plant and Equipment (net) Other Assets (net) Total Assets $95,400 304,300 448,400 999,400 B43,400 309,300 $3,000,200 587,700 231,900 $1,178,500 Accounts Payable Other Liabilities Capital Stock Retained Earnings Total abilities and Equity $78,060 102,100 952,100 1.947,940 $3,080,200 $28,400 60,200 350,000 739,100 $1,178.500 Prepare the consolidated statements workpaper for the year ended December 31, 2013. (List items that increase retained earnings first.) PERRY CORPORATION AND SUBSIDIARY Consolidated statement Workpaper For the Year Ended December 31, 2013 Selby 2013 Eliminations Company Dr. Perry Noncontrolling Interest Consolidated Balances Corporation Income statement Sales 1,403,100 803,500 Dividend Income Revenues Cost of Goods Sold Retained Earnings Statement Balance sheet 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest Click if you would like to show Work for this question: Open Show Work Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER The parts of this question must be completed in order. This part will be available when you complete the part above