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Recognize subsidiary earnings on Java the Hut $($Parent$)$ Ledgers

$6.$On Java's books, prepare the appropriate journal entries to recognize the first quarter accounting for NCC Coffee $($Calculated from Trial Balance in Schedule $3)$ and Newark Coffee earnings $($Schedule $6)$ below.

Prepare Consolidating Worksheets for the Income Statement and Balance Sheet

$7.$Prepare journal entries to recognize the intercompany transactions and eliminations identified in Schedule $6.$ Any supporting calculations should be included.

$8.$Prepare consolidating worksheets for the income statement $($first quarter of $2018)$ and for the balance sheet $($as of March $31,2018).$

Y All adjustments included in the steps to this point should be included

Y It is recommended that you utilize the consolidating worksheet formats we will cover in class

Y Consolidating worksheets should utilize spreadsheet software

Prepare Consolidated Financial Statements for the Bank Reporting Package

Income Statement & Balance Sheet

$9.$Prepare consolidated financial statement for the bank reporting requirement outlined in the Background section above: Y Income Statement for the first quarter of $2018($Multi$-$Step Format $-$ See Format in Schedule $7)$ Y Balance Sheet as of March $31,2018($Classified Format $-$ See Format in Schedule $7)$

Statement of Cash Flows

$10.$ Prepare consolidated Statement of Cash Flow using the indirect method for the first quarter of $2018.$ Y Use the financial statements in Number $8$ or $9$ as the basis to prepare the statement of cash flow. Y Regarding capital expenditures, the change in the Construction in Progress $("$CIP$\text{'})$ should be assumed to equal capital expenditures.