The partial trial balances of PCo. and SC. at December 31 , Year 10, were as follows: Additional Information - The investment in the shares of S Co. (a 90% interest) was acquired January 2, Year 6 , for $99,000. At that time, the shareholders' equity of SC. was common shares of $68,000 and retained earnings of $21,000 and the common shares for P Co. of $151,000. - Net incomes of the two companies for the year were as follows: - During Year 10, sales of PC. to SCo. were $11,000, and sales of S Co. to PC. were $51,000. Rates of gross profit on intercompany sales in Years 9 and 10 were 30% of sales. - On December 31 , Year 9 , the inventory of P Co. included $8,000 of merchandise purchased from S Co., and the inventory of S Co. included $4,000 of merchandise purchased from P Co. On December 31 , Year 10 , the inventory of PCo. included $21,000 of merchandise purchased from S Co., and the inventory of SCo. included $6,000 of merchandise purchased from P Co. - During the year ended December 31, Year 10, P Co. paid dividends of $13,000 and S Co. paid dividends of $11,000. - At the time that P Co. purchased the shares of S Co., the acquisition differential was allocated to patents of S Co. These patents are being amortized for consolidation purposes over a period of five years. - In Year 8 , land that originally cost $41,000 was sold by S Co. to PCo. for $51,100. The land is still owned by P Co. - Assume a 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 " 0 " 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 The partial trial balances of PCo. and SC. at December 31 , Year 10, were as follows: Additional Information - The investment in the shares of S Co. (a 90% interest) was acquired January 2, Year 6 , for $99,000. At that time, the shareholders' equity of SC. was common shares of $68,000 and retained earnings of $21,000 and the common shares for P Co. of $151,000. - Net incomes of the two companies for the year were as follows: - During Year 10, sales of PC. to SCo. were $11,000, and sales of S Co. to PC. were $51,000. Rates of gross profit on intercompany sales in Years 9 and 10 were 30% of sales. - On December 31 , Year 9 , the inventory of P Co. included $8,000 of merchandise purchased from S Co., and the inventory of S Co. included $4,000 of merchandise purchased from P Co. On December 31 , Year 10 , the inventory of PCo. included $21,000 of merchandise purchased from S Co., and the inventory of SCo. included $6,000 of merchandise purchased from P Co. - During the year ended December 31, Year 10, P Co. paid dividends of $13,000 and S Co. paid dividends of $11,000. - At the time that P Co. purchased the shares of S Co., the acquisition differential was allocated to patents of S Co. These patents are being amortized for consolidation purposes over a period of five years. - In Year 8 , land that originally cost $41,000 was sold by S Co. to PCo. for $51,100. The land is still owned by P Co. - Assume a 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 " 0 " 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