Punca Company purchased 85% of the common stock of Surrano Company on July 1, 2012, for a cash payment of $582,200. December 31, 2012, trial balances for Punca and Surrano were:

		Punca		Surrano
Current Assets		$ 149,200		$ 177,300
Treasury Stock at Cost, 500 shares		0		48,200
Investment in Surrano Company		582,200		0
Plant and Equipment		1,231,900		735,900
Cost of Goods Sold		1,523,600		762,000
Other Expenses		418,000		251,400
Dividends Declared		0		51,000
Total		$3,904,900		$2,025,800
Accounts and Notes Payable		$ 275,700		$ 152,500
Dividends Payable		0		51,000
Common Stock, $5 par value		264,900		40,500
Other Contributed Capital		894,500		254,800
Retained Earnings, 1/1		360,200		243,600
Sales		2,066,250		1,277,500
Dividend Income		43,350		5,900
Total		$3,904,900		$2,025,800

Surrano Company declared a $51,000 cash dividend on December 20, 2012, payable on January 10, 2013, to stockholders of record on December 31, 2012. Punca Company recognized the dividend on its declaration date. Any difference between book value and the value implied by the purchase price relates to subsidiary land, included in property and equipment. Income is earned evenly throughout the year. Prepare a consolidated statements workpaper at December 31, 2012.

Punca Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012

Punca

Surrano

Eliminating Entries

Noncontrolling

Consolidated

Company

Company

Dr.

Cr.

Interest

Balance

Income Statement

$

$

$

$

$

$

Retained Earnings Statement

Balance Sheet

Total

Noncontrolling Interest 1/1

Noncontrolling Interest 12/31

$

Total

$

$

$

$