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2) Complete the working papers to consolidate the financial statements of Park Corporation and subsidiary for the year ended December 31, 2020. Park Stay Eliminations Consolidated Debit Credit INCOME STATEMENT Sales $43,000 $20,000 income from Stay 6,700 Cost of Sales (22,000 (8,000) Other Expenses (12,200 (3,000) Noncontrolling interest share Net income $15.500 $9.000 Retained Earnings 1/1 $ 9,000 $8,000 Add: Net income 15,500 9,000 Dividends (10,000) (5,000) Retained Earnings 12/31 $ 14,500 $12,000 BALANCE SHEET Cash $5,400 $ 3,000 Net Receivables 14,000 10,000 Dividends Receivable 2,000 Inventories 18,000 8,000 Goodwill Plant assets-net 24,000 31,000 Investment in Stay 28,100 TOTAL ASSETS $91,500 $52,000 LIAB. & EQUITY Accounts payable $17,500 $ 12,500 Dividends payable 7,000 2,500 Other Debt 12,500 10,000 Capital Stock 40,000 15,000 Retained Earnings 14,500 12,000 1/1 Noncntrl. Interest 12/31 Noncntrl. Interest TOTAL LIAB. & EQUITIES $91,500 $52,000 (27 marks) (END OF QUESTIONS] GOOD LUCK 2) Complete the working papers to consolidate the financial statements of Park Corporation and subsidiary for the year ended December 31, 2020. Park Stay Eliminations Consolidated Debit Credit INCOME STATEMENT Sales $43,000 $20,000 income from Stay 6,700 Cost of Sales (22,000 (8,000) Other Expenses (12,200 (3,000) Noncontrolling interest share Net income $15.500 $9.000 Retained Earnings 1/1 $ 9,000 $8,000 Add: Net income 15,500 9,000 Dividends (10,000) (5,000) Retained Earnings 12/31 $ 14,500 $12,000 BALANCE SHEET Cash $5,400 $ 3,000 Net Receivables 14,000 10,000 Dividends Receivable 2,000 Inventories 18,000 8,000 Goodwill Plant assets-net 24,000 31,000 Investment in Stay 28,100 TOTAL ASSETS $91,500 $52,000 LIAB. & EQUITY Accounts payable $17,500 $ 12,500 Dividends payable 7,000 2,500 Other Debt 12,500 10,000 Capital Stock 40,000 15,000 Retained Earnings 14,500 12,000 1/1 Noncntrl. Interest 12/31 Noncntrl. Interest TOTAL LIAB. & EQUITIES $91,500 $52,000 (27 marks) (END OF QUESTIONS] GOOD LUCK