Question: PLEASE ENSURE THAT THE ANSWER INCLUDES A CONSOLIDATED FINANCIAL STATEMENTS WORKPAPER USING THE TRIAL BALANCE FORMAT. THANK YOU. Prout Company owns 80% of the common

PLEASE ENSURE THAT THE ANSWER INCLUDES A CONSOLIDATED FINANCIAL STATEMENTS WORKPAPER USING THE TRIAL BALANCE FORMAT. THANK YOU.

Prout Company owns 80% of the common stock of Sexton Company. The stock was purchased for $1,600,000 on January 1,2017 , when Sexton Company's retained earnings were $800,000. On January 1, 2019, Prout Company sold fixed assets to Sexton Company for $360,000. These assets were originally purchased by Prout Company for $400,000 on January 1, 2009, at which time their estimated depreciable life was 25 years. The straight-line method of depreciation is used. On December 31, 2020, the trial balances of the two companies were as shown here: Using the information presented in Problem 7-4, prepare a consolidated financial statements workpaper for the year ended December 31, 2020, using the trial balance format

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