Non- Parent Controlling Share Share $ $ $ OPERING COMPANY AND SUBSIDIARY METLOCK Consolidated Balance Sheet Workpaper January 1, 2024 Eliminations Noncontrolling Consolidated Debit Credit Interest Balance $ $ $ $Other Contributed Capital Whispering Company 146,480 Metlock Company 18,130 Retained Earnings: Whispering Company 50,520 Metlock Company 6,480 Noncontrolling Interest Total 364,360 151,180 $ $$ $ $ $ OPlant assets 155,450 99,550 Accumulated depreciation-plant assets (49,300) (17,800) Total $364,360 $151,180 Liabilities and Owners' Equity Current liabilities $17,100 $26,270 Mortgage notes payable 36,530 Common stock, $10 par value 113,730 100,300 Other contributed capital 146,480 18,130 Retained earnings 50,520 6,480 Total $364,360 $151,180 (a1) Calculate the percentage of Metlock acquired by Whispering Company. Percentage of Metlock acquired %Plant Assets 155,450 99,550 Accumulated Depreciation (49,300) (17,800) Total 364,360 151,180 Current Liabilities 17,100 26,270 Mortgage Note Payable 36,530 Common Stock: Whispering Company 113,730 Metlock Company 100,300 Other Contributed Capital Whispering Company 146,480 Metlock Company 18,130 O Retained Earnings: Whispering Company 50,520(a2) Prepare a schedule to compute the difference between book value of equity and the value implied by the purchase price. Any: difference between the book value of equity and the value implied by the purchase price relates to subsidiary plant assets. Non- Parent Controlling Share Share $Common stock, $10 par value 113,730 100,300 Other contributed capital 146,480 18,130 Retained earnings 50,520 6,480 Total $364,360 $151,180 (a1) Calculate the percentage of Metlock acquired by Whispering Company. Percentage of Metlock acquired % Save for Later Attempts: 0 of 1 used Submit Answer (a2) O(b) Prepare a consolidated balance sheet workpaper as of January 1, 2024. WHISPERING COMPANY AND SUBSIDIARY MET Consolidated Balance Sheet Workpaper January 1, 2024 Whispering Metlock Eliminations Company Company Debit Cre Cash 36,040 17,360 $ Accounts Receivable 58,270 29,030 Inventory 45,900 23,040 Investment in Metlock 118,000 Difference between Implied and Book Value O Plant Assets 155,450 99,550Non- Parent Controlling Entire Share Share Value to $ $ 69 $ $On January 1, 2024, Whispering Company purchased 8,024 shares of Metlock Company's common stock for $118,000. Immediately after the stock acquisition, the statements of financial position of Whispering and Metlock appeared as follows: Assets Whispering Metlock Cash $36,040 $17,360 Accounts receivable 58,270 29,030 Inventory 45,900 23,040 Investment in Metlock Company 118,000 Plant assets 155,450 99,550 Accumulated depreciation-plant assets (49,300) (17,800) Total $364,360 $151,180 Liabilities and Owners' Equity Current liabilities $17,100 $26,270 Mortgage notes payable 36,530 Common stock, $10 par value 113,730 100,300 Other contributed capital 146,480 18,130 Retained earnings 50,520 6,480 20% 85.F Sunny