This is consolidation problem needs to be answered.

Falcon Corporation purchased 80% of the stock in Wildcat Corporation on January 1, 2015, for $440,000. On that date, the fair value of the noncontrolling interest was $110,000. The book value and fair value information for Wildcat Corporation on 1/1/15 is as follows: Cash Accounts Receivable Inventory PP&E Accum. Depreciation Land Accounts Payable Common Stock Retained Earnings Book Value Fair Value 15,000 ### 35,000 ### 70,000 80,000 425,000 350,000 (255,000) 50,000 65,000 35,000 ### 150,000 155,000 Additional Information: Wildcat Corporation uses the FIFO inventory method. PP&E had a remaining economic life of 20 years. Prepare a conolidation worksheet for Falcon and Wildcat Corporations as of 12/31/2015 using the following information: Falcon Income Statement Sales Less: COGS Less: Depr. Expense Income from Fall Corp Net Income Statement of RE Beg. RE Add: Net Income Less: Dividends End RE Balance Sheet Cash Accounts Rec. Inventory Investment in Fall Corp PP&E Less: Accum. Depr Land Total Assets 675,000 (325,000) (45,000) 27,200 332,200 425,000 332,200 (75,000) 682,200 326,000 110,000 165,000 439,200 565,000 (348,000) 100,000 1,357,200 30 Points Wildcat Income Statement Sales Less: COGS Less: Depr. Expense 165,000 (95,000) (17,000) Net Income 53,000 Statement of RE Beg. RE Add: Net Income Less: Dividends End RE 155,000 53,000 (35,000) 173,000 Balance Sheet Cash Accounts Rec. Inventory PP&E Less: Accum. Depr Land Total Assets 25,000 45,000 75,000 425,000 (272,000) 50,000 348,000 Accounts Payable Common Stock Retained Earnings Total Liab. & Equit 175,000 500,000 682,200 1,357,200 Accounts Payable Common Stock Retained Earnings Total Liab. & Equi 25,000 150,000 173,000 348,000