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profit or loss anch. Combined financial statements 2 . The individual trial balances of a home office and its branch are shown below: Home office Branch Dr. (Cr.) Dr. (Cr.) Cash 600,000 250,000 Accounts receivable 720,000 280,000 ition ,000. Inventory, beg. 650,000 10,000 X7. Shipments from home office 520,000 Purchases 880,000 15,000 on ome Freight-in 33,000 5,000 Shipments to branch (520,000) The Investment in branch 545,000 Land 1,000,000 Building 4,000,000 ying of Accumulated depreciation - bldg. (2,400,000) ginal Equipment 800,000 500,000 ated Accumulated depreciation - equipment (200,000) (100,000) Accounts payable (360,000) (40,000) Share capital (2,000,000) Share premium (500,000) Retained earnings (946,000) Home office (545,000) anch Sales 2,900,000) (1,080,000) costs Depreciation expense 400,000 75,000 Salaries expense 180,000 100,000 Utilities expense 8,000 10,000 Totals Inventory, end. 160,000 56,000 Chapter 11 538 Requirements: Prepare the combined statement of profit or loss and statement of financial position. above cost