Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2011, for

Fantastic news! We've Found the answer you've been seeking!

Question:

Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2011, for $450,450. At that time, Score Company had stockholders’ equity consisting of common stock, $202,200; other contributed capital, $162,200; and retained earnings, $91,300. On December 31, 2015, trial balances for Price Company and Score Company were as follows:

	*Price*	*Score*
Cash	$107,300	$79,300
Accounts Receivable	162,800	95,200
Note Receivable	74,600	—0—
Inventory	303,900	158,600
Investment in Score Company	450,450	—0—
Plant and Equipment	927,600	428,200
Land	161,100	70,900
Dividends Declared	69,800	50,300
Cost of Goods Sold	818,400	245,800
Other Expenses	248,200	121,900
Total Debits	$3,324,150	$1,250,200

Accounts Payable	$129,800	$45,100
Notes Payable	294,400	117,600
Common Stock	499,500	202,200
Other Contributed Capital	264,200	162,200
Retained Earnings, 1/1	683,400	208,800
Sales	1,400,120	514,300
Dividend and Interest Income	52,730	—0—
Total Credits	$3,324,150	$1,250,200

Price Company’s note receivable is receivable from Score Company. Interest of $7,500 was paid by Score to Price during 2015. Any difference between book value and the value implied by the purchase price relates to goodwill.

Prepare a consolidated statements workpaper on December 31, 2015.