Exhibit 8.29 presents the separate financial statements at December 31, 2015, of Prestige Resorts and its 80%-owned subsidiary Booking, Inc. Two years earlier on January 1, 2014, Prestige acquired 80% of the common shares of Booking for $1,170 million in cash. Booking's 2014 presents the separate financial statements at December 31, 2015, of Prestige Resorts and its 80%-owned subsidiary Booking, Inc. Two years earlier on January 1, 2014, Prestige acquired 80% of the common shares of Booking for $1,170 million in cash. Booking's 2014

net income was $105 million, and Booking paid no dividends in 2014. Booking's 2015 income was $135 million, and it paid $75 million dividends on common stock during 2015. Booking's pre- and postacquisition stock prices do not support the existence of a control premium. Exhibit 8.30 shows the allocation of fair value at the date of acquisition, January 1, 2014. Exhibit 8.31 traces Prestige Resorts' equity method accounting for Booking, Inc. Ignore deferred tax effects.

REQUIRED
a. Complete Exhibit 8.30 to show income effects and balance sheet adjustments to be reflected in the December 31, 2015, Eliminations column of the consolidated worksheet.
b. Complete Exhibit 8.31 to trace the noncontrolling interests in Booking, Inc.'s earnings and net assets.
c. Prepare a worksheet to consolidate Prestige and Booking at December 31, 2015.

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Exhibit 8.28 Sanders Corp. Book and Fair Values as of December 31, 2014 (Problem 8.22) Sanders Corp. Book Values at 12/31/14 Sanders Corp. Fair Values at 12/31/14 Cash Receivables Inventory PP&E (net) Unpatented technology In-process R&D $ 400,000 500,000 1,200,000 1,600,000 $400,000 500,000 1,600,000 2,000,000 300,000 200,000 $5,000,000 Total Assets 3,700,000 Accounts payable Notes payable (400,000) (2,100,000) $(2,500,000) $(400,000) (2,200,000) $(2,600,000) Total Liabilities Common stock ($1 par) Additional paid-in capital Retained earnings Revenues Expenses (100,000) (500,000) (300,000) (2,000,000) 1,700,000 (1,200,000) Total Shareholders' Equity Revenues, gains, and net income are in parentheses to indicate that their signs are opposite those of expenses and losses; that is, they are credits for those interpreting the worksheet from the accountant's tra- ditional debit/credit approach. Liabilities and shareholders' equity accounts are in parentheses to indicate that they are claims against assets; again, they are credits in the traditional debit/credit framework. Exhibit 8.29 Prestige Resorts and Booking, Inc. Financial Statements at December 31, 2015 (in millions) (Problem 8.23) Prestige Resorts Booking, Inc. Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in subsidiary earnings $(1,365) 516 90 150 105 (96) $ (600) $ (645) 300 30 112.5 67.5 63 $ (135) Net Income Exhibit 8.29 (Continued) Cash Short-term investments Land Equipment (net) Investment in Small Technologies Customer lists $ 780 309 456 585 1,278 1320 4,728 $ 600 675 4425 240 810 $2,160 Total Assets Long-term liabilities Common stock Retained earnings $(1,623) (1,305) (1800) $(4,728) $ (885) (345) (930) $(2,160) Total Liabilities and Shareholders' Equity Revenues, gains, and net income are in parentheses to indicate that their signs are opposite those of expenses and losses; that is, they are credits for those interpreting the worksheet from the accountant's tra- ditional debit/credit approach. Liabilities and shareholders' equity accounts are in parentheses to indicate that they are claims against assets; again, they are credits in the traditional debit/credit framework. Exhibit 8.30 Allocations of Fair Value (in millions) (Problem 8.23) Allocation of Fair Values Estimated Life Charged (Credited) to Expense Each Year Balance on December 31, 2015 Booking fair value at acquisition date Booking book value at acquisition date 1462.5 Fair value in excess of book value Land (not depreciated) Equipment Customer lists Long-term liabilities (lower fair value) 352.5 (90) 15 (180) (60) $ 37.5 NA 10 20 8 Indefinite Goodwill Exhibit 8.31 Investor Interests in Booking, Inc. (in millions) (Problem 8.23) Prestige Properties (80% controlling interest) Noncontrolling Interest (20%) Acquisition date fair value (1/1/14) $1,462.5 $105 $1,170 2014 net income of Booking $ 84 Annual excess amortizations $15 Equity in Booking's earnings for 2014 Investment in Booking, Inc. (12/31/14) 72 $1,242 2015 net income of Booking $135 $108 (12) Annual excess amortizations $15 Equity in Booking's earnings for 2015 96 Dividends paid by Booking in 2015 $75 Investment in Booking, Inc. (12/31/15) $1,278