The fair value of the noncontrolling interest at the date of acquisition was determined to be $30,000. The full amount of the increase over book value is assigned to land held by Solution. At the date of acquisition, Solution owed Problem $8,000 plus $900 accrued interest. The solution had recorded the accrued interest, but Problem had not.

Required: Prepare and complete a consolidated balance sheet worksheet.

E55 Balance Sheet Worksheet LO 52 Problem Company owns 90 percent of Solution Dairy's stock. The balance sheets of the two companies immediately after the Solution acquisition showed the following amounts: Problem Company Solution Dairy Cash & Receivables $ 130,000 $ 70,000 Inventory 210,000 90,000 Land 70,000 40,000 Buildings & Equip- ment (net) 390,000 220,000 Investment in Solu- tion Dairy 270,000 Total Assets $1,070,000 $ 420,000 Current Payables $ 80,000 $ 40,000 Long-Term Liabilities 200,000 100,000 Common Stock 400,000 60,000 Retained Earnings 390,000 220,000 Total Liabilities & Stockholders' Equity $1,070,000 $ 420,000