The partial trial balances of P Co. and S Co. at December 31, Year 10, were as follows: P Co. s Co. Dr Cr. Dr cr. Investment in S. Co. 162,000 Common shares 158,000 Retained earnings, beginning of year 129,000 124,000 61,000 Additional Information . The investment in the shares of S Co. (a 90% Interest) was acquired January 2. Year 6, for $162.000. At that time, the sharehol equity of S Co. was common shares of $124,000 and retained earnings of $28,000 and the common shares for P Co. of $158,0 .Net incomes of the two companies for the year were as follows: P Co. S Co. $68,000 56,000 During Year 10, sales of P Co. to S Co. were $18,000, and sales of S Co. to P Co. were $58,000. Rates of gross profit on intercompany sales in Years 9 and 10 were 40% of sales. . On December 31, Year 9, the Inventory of P Co. included $15,000 of merchandise purchased from S Co., and the inventory of included $11,000 of merchandise purchased from P Co. On December 31, Year 10, the inventory of P Co. Included $28,000 of merchandise purchased from S Co., and the inventory of S Co. Included $13,000 of merchandise purchased from P Co. During the year ended December 31, Year 10, P Co. paid dividends of $20,000 and S Co. paid dividends of $18,000. At the time that P Co. purchased the shares of S Co., the acquisition differential was allocated to patents of S Co. These patem 4 being amortized for consolidation purposes over a period of five years. In Year 8, land that originally cost $48,000 was sold by S Co. to P Co. for $58,800. The land is still owned by P Co. . Assume a corporate tax rate of 40%. Required: Prev 1 of 2 Next > CLAUDIA Corporate tax rate of 40%. Required: Prepare a consolidated statement of changes in equity for the year ended December 31, Year 10. (Leave no cells blank - be certain to enter "O" wherever required. Negative amounts should be indicated by a minus sign. Omit $ sign in your response.) p Co. Consolidated Statement of Changes in Equity For Year Ended December 31, Year 10 Common Shares Balance, beginning of year (Click to select) (Click to select) Retained earnings, Dec. 31 Retained Earnings 5 Total Now controlling Interest $ $