The parent company owns 70% of the common stock of Company S-1 and 60% of the common stock of Company S-2. The balances as of December 31, 20X4, in the condensed accounts follow:

Prepare a consolidated balance sheet as of December 31, 20X4, and a consolidated income statement for 20X4 ($ in millions of dollars). Assume none of the companies sold items to each other.

Transcribed Image Text:

$ in thousands) S-1 320,000 80,000 100,000 Parent S-2 Sales in 20X4 Investment in subsidiaries Other assets Liabilities to creditors Expenses in 20x4 Stockholders' equity, including current net income *Accounted for using the equity method. 58,000 .000 90,000 20,000 110,000 20,000 300,000 90,000 90,000 100,000 70,000 5,000 15,000