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: PART A OF PROBLEM

		Case I					Case II
		P Company		S Company			P Company		S Company
Current assets		$ 872,500		$260,600			$ 779,600		$281,000
Investment in S Company		190,100					190,100
Long-term assets		1,398,100		402,200			1,205,100		402,200
Other assets		90,900		40,100			69,500		69,400
Total		$2,551,600		$702,900			$2,244,300		$752,600
Current liabilities		$ 644,300		$270,500			$ 704,500		$260,500
Long-term liabilities		849,300		291,500			928,400		270,400
Common stock		604,200		180,200			604,200		180,200
Retained earnings		453,800		(39,300	)		7,200		41,500
Total		$2,551,600		$702,900			$2,244,300		$752,600

Case I: Prepare a November 30, 2014, consolidated balance sheet workpaper. Any difference between book value of equity and the value implied by the purchase price relates to subsidiary long-term assets. THIS IS PART A

Please explain how you got to the answer in addition to the answer so I know how to do this next time.

P COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper November 30, 2014 Eliminations Noncon trolling Consolidated Case I Company Company Dr. Cr. Interest Balance Current Assets $872,500 $260,600 1133100 Investment in S Company Difference between Implied and Book Value Long-term Asset:s 190,100 190100 0 70322 70322 0 1,398,100 402,200 70322 1870622 Other Assets 90,900 40,100 131000 Total Assets 2,551,600 702,900 3254500 Current Liabilities 644,300 270,500 914800 Long-term Liabilities 849,300 291,500 1140800 Common Stock: P Company 604,200 604200 S Company 180,200 180200 0 Retained Earnings P Company 453,800 453800 S Company (39,300) 39300 0 Noncontrolling Interest 21122 $ 21122 Total Liabilities and Equity $2,551,600 $702,900 320844 320844 3113600