RECORD THE CONSOLIDATED ENTRIES FOR 20X2

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Rate 4.30% 7 Parent acquired shares of Subsidiary as indicated below. Shares acquired 74,700 Fair value per share $ 9.70 Remaining useful life of equipment 10 Term Note receivable Subsidiary Company December 31, 20X0 Book Value Cash $ 68,700 $ Other current assets 368,000 Equipment 772,000 Accumulated depreciation (262,000) Note receivable 104,400 Goodwill Total $ 1,051,100 $ Excess $ Fair Value 68,700 368,000 638,000 128,000 95,000 87,500 1,257,200 (9,400) 87,500 206,100 $ $ 206,100 Accounts payable Other liabilities Common stock ($1 par value) Additional paid-in capital Retained earnings Total $ 108,100 $ 108,100 344,000 344,000 83,000 805, 100 333,000 183,000 $ 1,051,100 $ 1,257,200 $ 206,100 Subsidiary 20X2 213,000 3.926 Shown below are Parent and Subsidiary separate company financial statements Parent Parent Subsidiary 20X1 20X2 20X1 Sales $ 569,000 $ 637,000 $ 182,000 $ Interest income 4,489 Dividend income 8,100 6,300 Expenses 404,000 452,000 93,000 Depreciation expense 85,000 84,000 51,000 Pretax income 88,100 107,300 42,489 Net income 88,100 $ 107,300 $ 42,489 $ 104,000 82,000 30,926 30,926 $ Beginning retained earnings Net income Dividends declared Ending retained earnings 20X1 95,000 $ 88,100 (19,000) 164,100 $ 20X2 164,100 107,300 (24.000) 247,400 20X1 183,000 $ 42,489 (9,000) 216,489 $ 20X2 216,489 30,926 (7,000) 240,415 $ $ $ Cash Other current assets Equipment Accumulated depreciation Note receivable Investment in Subsidiary Total 20X1 133,000 $ 710,000 1,490,000 (651,200) 20X2 141,000 753,000 1,669,000 (735,200) 20X1 73,000 $ 390,000 818,000 (313,000) 91,302 20X2 77,000 413,000 867,000 (395,000) 77,640 724,590 2,406,390 $ 724,590 2,552,390 $ $ 1,059,302 $ 1,039,640 $ $ Accounts payable Other liabilities Common stock ($1 par value) Additional paid-in capital Retained earnings Total 109,290 $ 664,000 160,000 1,309,000 164,100 2,406,390$ 62,990 710,000 178,000 1,354,000 247.400 2,552,390 113,813 $ 313,000 83,000 333,000 216,489 1,059,302 $ 51.225 332,000 83,000 333,000 240,415 1,039,640 $