The two following separate cases show the financial position of a parent company and its subsidiary company on November 30, 2014, just after the parent had purchased 90% of the subsidiarys stock:

		Case I					Case II
		P Company		S Company			P Company		S Company
Current assets		$ 874,700		$261,800			$ 779,500		$281,600
Investment in S Company		189,700					189,700
Long-term assets		1,391,700		398,100			1,191,800		398,100
Other assets		89,300		40,200			70,100		70,700
Total		$2,545,400		$700,100			$2,231,100		$750,400
Current liabilities		$ 640,900		$269,400			$ 694,800		$262,200
Long-term liabilities		857,200		288,900			916,600		267,400
Common stock		604,400		180,100			604,400		180,100
Retained earnings		442,900		(38,300	)		15,300		40,700
Total		$2,545,400		$700,100			$2,231,100		$750,400

Case II: Prepare a November 30, 2014, consolidated balance sheet workpaper. Assume that any excess of book value over the value implied by purchase price is due to overvalued long-term assets. (Round answers to decimal places, eg. 125.) P COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpapa November 30, 2014 S Eliminations Case 11 Company Company Dr. Current Assets $779,500 $281.600 $ $ Investment in Company 189,700 Difference between Implied and Book Value 10022 Long-term Assets 1,191,800 398,100 Other Assets 70,100 70,700 Total Assets 2,231,100 750,400 230822 Current Liabilities 694,800 262,200 Long-term Liabilities 916,600 267,400 Common Stock: P Company 604,400 S Company 180,100 180100 Retained Earnings P P Company 15,300 S Company 40.700 40700 Noncontrolling Interest Total Liabilities and Equity $2,231,100 $750,400 $ 230822 $ Case II: Prepare a November 30, 2014, consolidated balance sheet workpaper. Assume that any excess of book value over the value implied by purchase price is due to overvalued long-term assets. (Round answers to decimal places, eg 125.) P COMPANY AND SUBSIDIARY onsolidated Balance Sheet Workpaper November 30, 2014 Eliminations Noncontrolling Consolidated Dr. Cr. Interest Balance $ i 1061100 189700 10022 10022 10022 i 1579878 140800 230822 230822 21078 2781778 i 957000 1184000 i 1 i 604400 180100 i i 15300 40700 21078 $ 21078 21078 230822 $ 230822 $ 2781778