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USO (5) QUESTION 2 7 On January 1, 2018. Pony Conany purchase of the outstanding common took of Sur Company for $200.000 A that time, Star's stocker equity condotcommon stock 1220.00 h capitat 512.000 and intained earings, 520,000 Prepare a consolidated statements workpaper on December 31, 2018. Prepare the income tant, retained eaming both on the below to pass the relatives their effect in the adjustments feminations and the prepare the consolidated and Pony Star Cash 42.000 700.000 Accounts receivable 52.000 80,000 Inventory 30.000 18,000 Investment in a 260,000 0 Plant & equipment 95.000 80,000 Land 39,000 34,000 Dividends declared 20,000 20.000 Cost of goods sold 130,000 40.000 Operating en pense 20.000 14.000 To dobits 688.000 365.000 Accounts payable Other abilities Cormon stock Other contributed capital Retained Eamingo Sales Dividend Income Total credits 10,000 10,000 200,000 60,000 40,000 260,000 19,000 683.000 12,000 20,000 220,000 13.000 20.000 50,000 365.000 QUESTION 2 On January 1, 2018. Pony Company purchased 85% of the outstanding common stock of Star Company for $260, capital, $13,000, and retained earnings, $20,000. Prepare a consolidated statements workpaper on December 31, 2018. Prepare the income statement, retained ea their effect in the adjustments (eliminations) and then prepare the consolidated balances. USD ($) Pony Star Cash 42,000 79,000 Accounts receivable 52,000 80,000 Inventory 30,000 18,000 Investment in Star 260,000 0 Plant & equipment 95,000 80,000 Land 39,000 34,000 Dividends declared 20,000 20,000 Cost of goods sold 130,000 40,000 Operating exepense 20,000 14,000 Total debits 688,000 365,000 Accounts payable Other liabilities Common stock Other contributed capital Retained Earnings Sales Dividend Income Total credits 19,000 10,000 280,000 60,000 40,000 260,000 19,000 688,000 12,000 20,000 220,000 13,000 20,000 80,000 0 365,000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I S Paragraph Arial v > 10pt IND Save and Submit to save and submit. Click Save All Answers to save all answers. 7 points Save Answer of Star Company for $260,000. At that time, Star's stockhlders' equity consisted of common stock, $220,000; other contributed me statement, retained earnings statement, balance sheet based on the below trial balance, pass the relevant entries, bring . EEA 4 IX % od as Save All Answers S