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Student ID Ainment CLOZ Pee Company acquired 75% in See Company for $600,000 on Jan 1, 2019, when See had $500,000 capital stock and $200,000

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Student ID Ainment CLOZ Pee Company acquired 75% in See Company for $600,000 on Jan 1, 2019, when See had $500,000 capital stock and $200,000 retained earnings. The excess of fair over book value relates to the goodwill Pee acquired 60% in Bee for $180,000 on Jan 1, 2019, when Bee had $200,000 capital stock and $50,000 retained earnings. See acquired 30% in Bee on Jan 1, 2019 for $90,000, when Bee had $100,000 capital stock and $20,000 retained camnings. The excess of fur over book value relates to goodwill During 2018, Pee Company sold foods to Set Company at a protit of $30,000. This merchandise was sold during 2019. Bee Company told merchandise that had cost $80,000 to See Company for $100,000 during 2019 Half of this merchandise is held by See at December 31, 2019. Required: Compute all mutsint and required data the prepare the consolidated financial statements for the year ended December 31, 2019. Styles Ed Consolidated Pee See Bee Eliminations Debat Credit INCOME STATEMENT Sales 800,000 400.000 200.000 Tacome from See Income from Bee Cast of Sales 350,000) K120,000) (70,000) 150.000 B0.000 30.000) 532,500 230,000 100,000 150.000 200.000 30000 (50,000) 100,000) 650.000 2,30,000 100,000 Other Expenses MI Expense See MI Expense Bee Net income Retained Earnings 1/1/19 L: Dividenda Retained Earnings 12/31/19 BALANCE SHEET: Cash Accounts receivable Inventores Plant et Investment in See 25% Tnvestment in Ber: 60% 30% Goodwill TOTAL ASSETS 100.000 300.000 150,000 200.000 100.000 100.000 200.000 300.000 1019.250 294,000 110.000 100,000 110.000 100 000 960 000 1.893.250 1,010,000 $700.000 LIAB. & EQUITY Accounts payable Capital Stock Retained Earts 1231 NC 219.000 30,000 51.000 1000000 600.000 300.000 330.000 100,000 TOTAL LIAB & EQUITY 1.893.350 1.010.000 5700.000

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