Using the initial Values Method. Create a consolidated balance sheet

On January 1st 2019 The Voldomort and Potter Companies had the following balance sheets Voldomort Cash 2000000 inventory 1000000 building 1000000 accumulated dep. Build -400000 equipment 1000000 accumulated dep. Equip -20000 total assets 4580000 Potter 100000 100000 50000 -20000 80000 -40000 270000 accounts payable 1000000 70000 common stock $1 par additional paid in capita retained earnings 580000 2000000 1000000 100000 50000 50000 On January 2nd Voldomort purchased 90% of the outstanding shares of Potter Company for $400,000 On January 2nd Potters equipment was worth 25000 and its building was worth $70000 All other assets and liabilites of Potter have book values equal to fair market values Below is the income statement and balance sheet for Voldomort and Potter On December 31st 2019 sales cost of goods sold gross profit depreciation exp bldg depreciation exp equipment investment income income 400,000 180,000 220,000 10,000 10,000 200,000 Voldomort Potter $ 2,000,000 $ $ 800,000 $ $ 1,200,000 $ $ 100,000 $ $ 20,000 $ $ $ $ 1,080,000 $ Voldomort Potter $ 3,000,000 $ $ 1,000,000 $ S 1,000,000 $ $ (400,000 $ $ 1,000,000 $ $ (20,000 $ $ 400,000 $ 5,580,000 $ Cash inventory building accumulated dep. Building equipment accumulated dep. Equipment Investment in Potter total assets 260,000 100,000 50,000 (30,000) 80,000 (50,000) 410,000 $ accounts payable 1,000,000 $ 70,000 common stock $1 par additional paid in capital retained earnings noncontrolling interest total equity and liabilities $ $ $ $ $ 580,000 $ 2,000,000 $ 1,000,000 $ 108,000 5,660,000 $ 100,000 50,000 190,000 410,000