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:

*Problem 3-1 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 subsidiary's stock; Case I Case II P Company $ 874,700 189,700 1,397,800 90,400 $2,552,600 S Company $262,200 P Company $ 785,100 189,700 1,210,100 70,300 $2,255,200 S Company $279,000 Current assets Investment in S Company Long-term assets Other assets 400,500 39,700 $702,400 400,500 69,900 $749,400 Total Current liabilities Long-term liabilities Common stock Retained earnings 641,900 $270,400 848,500 601,100 461,100 $2,552,600 288,200 180,300 (36,500) $702,400 $ 705,000 924,900 601,100 24,200 $2,255,200 $262,300 269,300 180,300 37,500 $749,400 Total 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 0 decimal places, e.g. 125.) P COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper November 30, 2014 Eliminations Noncontrolling Consolidated Case II Company Company Dr. Interest Balance Current Assets $785,100 $279,000 Investment in S Company Difference between Implied and Book Value Long-term Assets 189,700 189700 1,210,100 400,500 Other Assets 70,300 69,900 Total Assets 2,255,200 749,400 Current Liabilities 705,000 262,300 Long-term Liabilities 924,900 269,300 Common Stock Total Assets 2,255,200 749,400 Current Liabilities 705,000 262,300 Long-term Liabilities 924,900 269,300 Common Stock P Company 601,100 S Company 180,300 Retained Earnings P Company 24,200 S Company 37,500 Noncontrolling Interest Total Liabilities and Equity $2,255,200 $749,400