The trial balances of Parker and Sargent companies of Exercise 3 for December 31, 2016, are presented

Question:

The trial balances of Parker and Sargent companies of Exercise 3 for December 31, 2016, are presented as follows:

Parker Company continues to use the simple equity method.
1. Prepare all the eliminations and adjustments that would be made on the 2016 consolidated worksheet.
2. Prepare the 2016 consolidated income statement and its related income distribution schedules.

Consolidated Income Statement
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