Push Corporation paid $16,200 for a 90% interest in Swish Corporation on January 1, 2019, when Swish stockholders' equity consisted of $10,000 Capital Stock and $3,000 of Retained Earnings. The excess cost over book value was attributable to goodwill. Assume proportional pricing for the NCI.

Additional information:

1. Push sells merchandise to Swish at 120% of Push's cost. During 2019, Push's sales to Swish were $4,800, of which half of the merchandise remained in Swish's inventory at December 31, 2019 (The 2019 ending inventory was sold in 2020.) During 2020, Push's sales to Swish were $6,000 of which 60% remained in Swish's inventory at December 31, 2020.

At year-end 2020, Swish owed Push $1,500 for the inventory purchased during 2020.

2. Push Corporation sold equipment with a book value of $2,000 and a remaining useful life of four years and no salvage value to Swish Corporation on January 1, 2020 for $2,800. Straight-line depreciation is used.

3. During 2020, Swish sold to Push land for $50,000 that had a book value of $20,000. Push still owns the land at 12/31/20.

4. Separate company financial statements for Push Corporation and Subsidiary at December 31, 2020 are summarized in the first two columns of the consolidation working papers. See Spreadsheet Tab.

SPREADSHEET TAB:

A B D P P s CONS.TOT. ELIMINATIONS Dr Cr 14,000 60,000 4,600 800 74.000 4,600 800 30,000 109,400 30,000 44,000 65,400 26,000 28,000 4,400 3,600 30,400 31,600 54,000 11,400 8,000 36.000 1 INCOME STATEMENT 2 FIE 193120 3 Sales 4 Equity in sub earnings 5 gain on sale of equip 6 Gain on sale of land 7 Total revenues 8 9 Cost of goods sold 10 Expenses 11 12 Total expenses 13 Total Net Income 14 Less net income to NCI 15 Net income to controlling interest 16 17 18 19 RETAINED EARNINGS 20 STATEMENT 21 22 Retained Earnings 1/1 23 24 Net income 25 26 Dividenda declared 27 28 Retained Earnings 12/31 29 62,000 47,400 0 0 47,400 11,400 36,000 9,500 5,000 14,500 11,400 36,000 47,400 7.000 2,000 9,000 13,900 39,000 52,900 31 BALANCE SHEET 32 33 sash 34 accts rec 35 Inventory 36 Land 37 Equipment, net 38 Investment in S 39 5,500 7,000 10,000 50,000 24,000 20,400 33,000 4,000 4,500 3,500 9,000 38,500 11,000 14,500 53,500 33,000 20,400 0 0 0 170,900 40 116,900 54,000 41 42 Total assets 43 44 Accounts payable 45 Common stock 46 Retained earnings 47 noncontrolling interest 48 Total liabilities and equity 49 50 53,000 50,000 13,900 5,000 10,000 39,000 58,000 60,000 52,900 0 0 170,900 116,900 54,000 0 0 0