The trial balances of Panther and Sargo companies of Exercise for December 31, 2012, are presented as follows:

Panther Company continues to use the simple equity method.
1. Prepare all the eliminations and adjustments that would be made on the 2012 consolidated worksheet.
2. Prepare the 2012 consolidated income statement and its related income distribution schedules.

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Panther Sargo Current Assets Depreciable Fixed Assets Accumulated Depreciation Investment in Sargo Company.... Currant Liabilities Common Stock ($10 par) Retained Earnings, January 1, 2012. Sales Expenses Subsidiary Income Dividends Declared.. 115,000 200,000 (130,000 40,000) 130,000 (80,000) .(300,000 [100,000) . (260,000) 170,000) (200,000) 00,000) 85,000 160,000 (12,000) 10,000 0 Tolals....