Worksheet 2-1 100% Interest; Price Equals Book Value P Subsidiaty ( :otnpany S Worksheer far Consolidated Balance Sheet 31, 15 2 3 6 7 9 13 Cash Accounts Receivable Inventory Investment in Company S Equipment (net) Gooawill : Current Liabilities Bonds payable Common Stock Company S Retained EarrSingsCompany S Common StockCompany P Retained EarningsCompany P Totals Trial Bal Company P 300,000 300,000 100,000 500.000 150,000 (150.000) (500,000) (100,000) (600,000) E!iminations and Adjustments: Eliminate the investment in the subsidiary against the subsidiary equity accounts. 3afance Company S 2t-n.ooo I m. ooo aco.ooo (1 co.000) (200,000) Eliminations & Adjustments 500,000 (ELY 200,000 300,000 500,000 Consolidated Balance Sheet 300,000 500,000 2 200,000 3 4 5 450,000 6 7 (250,000) 8 (500,000) 9 10 11 (100,060) 12 PICCOLLAGE 500,000