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Problem 7-4 Prout Company owns 80% of the common stock of Sexton Company. The stock was purchased for $1,594,560 on January 1, 2012, when Sexton Company's retained earnings were $800,700. On January 1, 2014, Prout Company sold fixed assets to Sexton Company for $360,000. These assets were originally purchased by Prout Company for $397,900 on January 1, 2004, at which time their estimated depreciable life was 25 years. The straight-line method of depreciation is used. On December 31, 2015, the trial balances of the two companies were as shown here: Sexton Company $271,700 829,200 1,592,700 Current Assets Fixed Assets Other Assets Investment in Sexton Company Dividends Declared Cost of Goods Sold Other Expenses (including depreciation) Income Tax Expense Total Prout Company $572,600 1,959,200 1,001,900 1,594,560 121,000 944,200 145,600 186,000 $6,525,060 100,100 798,800 89,800 89,800 $3,772,100 $ 136,000 288,400 1,115,800 Liabilities Accumulated Depreciation Sales Dividend Income Common Stock Retained Earnings 1/1 Total $307,000 377,100 1,479,700 80,080 2,998,700 1,282,480 $6,525,060 1,192,500 1,039,400 $3,772,100 Prepare a consolidated statements workpaper for the year ended December 31, 2015. (List items that increase retained earnings first.) PROUT COMPANY AND SUBSIDIARY Consolidated Statements Workpaper For the Year Ended December 31, 2015 Sexton Eliminations Company Debit Prout Noncontrolling Interest Consolidated Balances Company Credit INCOME STATEMENT 4 $ $ $ $ 4 4 STATEMENT OF RETAINED EARNINGS 4 4 BALANCE SHEET A 4 A 1/1 Noncontrolling Interest in Net Assets 12/31 Noncontrolling Interest in Net Assets $ 4 $ $ Problem 7-4 Prout Company owns 80% of the common stock of Sexton Company. The stock was purchased for $1,594,560 on January 1, 2012, when Sexton Company's retained earnings were $800,700. On January 1, 2014, Prout Company sold fixed assets to Sexton Company for $360,000. These assets were originally purchased by Prout Company for $397,900 on January 1, 2004, at which time their estimated depreciable life was 25 years. The straight-line method of depreciation is used. On December 31, 2015, the trial balances of the two companies were as shown here: Sexton Company $271,700 829,200 1,592,700 Current Assets Fixed Assets Other Assets Investment in Sexton Company Dividends Declared Cost of Goods Sold Other Expenses (including depreciation) Income Tax Expense Total Prout Company $572,600 1,959,200 1,001,900 1,594,560 121,000 944,200 145,600 186,000 $6,525,060 100,100 798,800 89,800 89,800 $3,772,100 $ 136,000 288,400 1,115,800 Liabilities Accumulated Depreciation Sales Dividend Income Common Stock Retained Earnings 1/1 Total $307,000 377,100 1,479,700 80,080 2,998,700 1,282,480 $6,525,060 1,192,500 1,039,400 $3,772,100 Prepare a consolidated statements workpaper for the year ended December 31, 2015. (List items that increase retained earnings first.) PROUT COMPANY AND SUBSIDIARY Consolidated Statements Workpaper For the Year Ended December 31, 2015 Sexton Eliminations Company Debit Prout Noncontrolling Interest Consolidated Balances Company Credit INCOME STATEMENT 4 $ $ $ $ 4 4 STATEMENT OF RETAINED EARNINGS 4 4 BALANCE SHEET A 4 A 1/1 Noncontrolling Interest in Net Assets 12/31 Noncontrolling Interest in Net Assets $ 4 $ $