Veuren lang ulet FIGHTC Chapter 16 252 Problem 16-10 Trial balance data for Porno Corporation and Star Company on December 31, 2013 are as follows: Star Company Debit Credit Porno Corporation Debit Credit P 46,000 55,000 75.000 300,000 220,000 270.000 25,000 21,000 20.000 P 30,000 40,000 65,000 240,000 Item Cash Accounts Receivable Inventory Equipment Investment in Star Company (at cost) Cost of Goods Sold Depreciation Expense Other Expenses Dividends Declared nints Payable Accumulated Depreciation Taxes Payable Common Payable Retained Earnings, January 1 Sales Dividend Income 135.000 20,000 10,000 20,000 P 130.000 20.000 50.000 200,000 262.000 350,000 20,000 P1.032.000 P 85.000 30.000 35,000 150,000 60,000 200,000 P1,032,000 P560,000 P360,000 Porno purchased all of Star's shares on January 1, 2012, for P220,000. Star's retained earnings balance at the date of acquisition was P50,000. The total excess is assigned to goodwill. At December 31, 2012, the management of Porno reviewed the amount attributed to goodwill and concluded goodwill had been impaired and should be reported at P8,000. No further impairment occurred during 2013. Pomo uses the cost method in accounting for its investment in Star. Required: Present all eliminating entries needed to prepare consolidated financial statements for the year 2013, and prepare a three-part consolidation workpaper in good form as of December 31, 2013