The consolidated balance sheet at December 31, 20X2, contained the following amounts: Credit Debit 96,000 170,000 154,000 77,000 470,000 39,000 Cash Accounts Receivable Inventory Land Buildings and Equipment Patents Accumulated Depreciation Accounts Payable Bonds Payable Noncontrolling Interest Common Stock Retained Earnings Totals $ 207,000 168,925 100,000 61, 075 190,000 279,000 $1,006,000 $1,006,000 PROTECTO CORPORATION AND STRAND COMPANY Consolidation Worksheet December 31, 20X3 Consolidation Entries Protecto Corporation Strand Company DR Consolidate Income Statement Sales $ 460, eeo $ 350,000 $ 687,000 $103,000 20,000 Less: Cost of Goods Sold (360,000) (230,000) $ (467,100) 9,700 91, 100 4,200 17,900 (36,000) (26,000) 6,500 (62,000) (6,500 (81,300 (45,000) (36,300) 32,325 60,025 $ $ 49,000 $ Less: Depreciation Expense Less: Amortization Expense Less: Other Expense Income from Strand Co. Consolidated Net Income NCI in Net Income of Strand Controlling Interest in Net Income Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance 37,200 $166,700 11,700 $178,400 4,875 $127,775 1,625 $129,400 70,100 (10, 075 60,025 $ 60,025 $ 49,000 $ $ 279,000 60,025 (56,000) $ 283,025 $170,000 178,400 $ 170,000 49,000 (31,000) $ 188,000 $129,400 31,000 $160,400 $ 279, eee 60,025 (56,000 $ 283,025 $348,400 Balance Sheet Assets Cash Accounts Receivable Tovatory. $ 29,600 88,000 17, PAR $ $ 41,000 42,400 70,600 130,400 Inventory 127,000 92,200 205,200 $ 11,900 2,100 32,500 Patent Investment in Subsidiary 188,100 $ 32,500 18,750 7,275 4,200 193,950 24,375 Land Buildings and Equipment Less: Accumulated Depreciation 82,000 437,000 (177,000) 22,200 255,000 (92,000) 25,000 66,000 79,200 626,000 (203,000) 66,000 Total Assets $ 774,700 $ 360,800 $128,725 $323, 325 $ 940,900 $ Liabilities & Equity Accounts Payable Bonds Payable Common Stock Retained Earnings NCI in NA of Strand $ 131,675 170,000 190,000 283,025 12,800 90,000 70,000 188,000 $ 70,000 348,400 6,250 2,425 $427,075 $ 144,475 260,000 190,000 283,025 63,400 $160,400 63,950 8,125 $ 232,475 Total Liabilities & Equity $ 774,700 $ 360,800 $ 940,900 PROTECTO CORPORATION AND SUBSIDIARY Consolidated Cash Flow Worksheet Year Ended December 31, 20X3 Consolidation Entries Balance Debit Credit 1/1/X3 Item Balance 12/31/X3 $ Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Patents Total Assets Liabilities & Equity Accounts payable Bonds payable Common stock Retained earnings Noncontrolling interest 0 $ $ s Total Liabilities & Equity Cash Flows from Operating Activities: Consolidated net income Amortization expense Depreciation expense Decrease in accounts receivable Increase in inventory Decrease in accounts payable Cash Flows from Investing Activities: Purchase of land Acquisition of buildings and equipment from bond issue Purchase of buildings and equipment Cash Flows from Financing Activities: Dividends Paid: To Protecto Corp. shareholders To noncontrolling shareholders Issuance of bonds for buildings and equipment Decrease in cash ol $