Scott Inc. purchases 90% of Nina Corporation for on January 1, 2015 for $342,000 cash. On that date, Nina's book
value is $$326,000. Nina owns one building with a nine-year remaining life is undervalued on Nina's books by
$18,000 and Nina has computer technology with a 6 year remaining life that covers the rest of the premium.
Scott sells inventory to Nina as follows:
Year	Cost	Sales Price	Inventory remaining year end
2015	$ 69,000	$ 115,000	$ 25,000
2016	81,000	135,000	37,500
2017	92,800	160,000	50,000
Scott still owes Nina $2,000 for the purchases.
The December 31, 2017 balances are as follows:
		DB (CR)	DB (CR)
		Scott	Nina
Cash and receivables		$ 146,000	$ 98,000
Inventory		255,000	136,000
Investment in Nina		450,000
Prop, plant, and equip.		964,000	328,000
Current liabilities		(268,000)	(21,000)
Long term liabilities		(450,000)	(50,000)
Common stock		(515,000)	(150,000)
Retained earning (1/1/17)		(488,000)	(278,000)
Dividends		136,000	27,000
Sales		(862,000)	(366,000)
Cost of Goods Sold		515,000	209,000
Expenses		185,400	67,000
Equity in Nina earnings		(68,400)	-
Total		-	-
Required
1	Prepare a worksheet to prepared consolidated financial statements for Scott, Inc.
	Include a General Journal showing your calculations for each elimination entry.
2	Prepare consolidated financial statements.