Preparing a consolidated balance sheet. The first two columns of Exhibit 13.13 present information from the accounting records of Ely Company and Sims Company at the end of the current year. Ely Company acquired l00% of the common stock of Sims Company on January 1 of the current year for $70,000 cash. On this date, the balance in the Retained Earnings account of Sims Company was $42,000. Any excess purchase price relates to goodwill. Ely Company has not recorded a goodwill impairment. The receivables of Ely Company and the liabilities of Sims Company contain an advance from Ely Company to Sims Company of $7,500. Enter the appropriate amounts in the Consolidated column for a consolidated balance sheet of Ely Company and Sims Company on December 31 of the currentyear.

Ely Company and Sims Company Information from the Accounting Records on December 31 of the Current Year EXHIBIT 13.13 (Problem 28) Ely Company Sims Company Consolidated ASSETS $ 12,000 $ 5,000 Cash... Receivables 25,000 15,000 Investment in Sims Company Other Assets 78,000 85,000 $200,000 80,000 $100,000 Total Assets LIABILITIES AND SHAREHOLDERS EQUITY $ 45,000 $ 40,000 Current Liabilities Common Stock. Retained Earnings... 50,000 10,000 105,000 50,000 Total Liabilities and Shareholders' Equity.. $200,000 5100,000