Submit the initial Excel model for the report that shows the consolidation entries and the final income statement and balance sheet.

Company Information Below you will find the trial balance for Parent Company and its wholly owned purchase, Subsidiary Company, as of December 31, 2012. The financial statements are denominated in British pounds. Company Accounts Cash Accounts Receivable Inventory Short-Term Investments Prepaid Assets Investment in Subsidiary Long-Term Notes Receivable Debt Service Fund Depreciable Assets Accumulated Depreciation Intangible Assets Current Liabilities Long-Term Notes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expenses Parent Company Debit Credit 10,000 25,000 30,000 40,000 35,000 290,000 150,000 50,000 900,000 200,000 45,000 Subsidiary Company Debit Credit 4,000 10,000 12,000 6,000 12,000 14,000 350,000 50,000 20,000 92,000 225,000 400,000 482,000 750,000 330,000 100,000 120,000 24,000 44,000 119,000 200,000 50,000 245,000 160,000 45,000 70,000 5,000 Other Important Information: 1. Subsidiary Company's assets and liabilities are all shown at fair value except for: a. The fair value of Inventory is 32,000. b. The fair value of Depreciable Assets is 370,000. 2. Subsidiary company sold Parent Company an item that is in Parent Company's inventory for 10,000 and cost Subsidiary Company 5,000. The sale was made to Parent Company on credit, and no payment has been made. 3. On December 27, 2012, Parent Company made a long-term loan to Subsidiary Company in the amount of 100,000. 4. Subsidiary Company paid Parent Company 7,000 for Consulting Services. Subsidiary Company considers this an Administrative Expense, and Parent Company considers it Sales Revenue. 5. Exchange rates are: March 31, 2012, Exchange Rate: 1 = $1.24 Average Rate for 2012: 1 = $1.22 December 31, 2012, Exchange Rate: 1 = $1.20