Problem 3-1 The two following separate cases show the financial position of a parent company and its subsidiary company on November 30, 2014, just after the parent had purchased 90% of the subsidiary's stock Case I Case Il P Company P Company $ 780,200 188,700 1,208,300 69,400 $2,246,600 S Company 872,000 $262,400 S Company $279,300 Current assets Investment in S Company Long-term assets Other assets 188,700 1,394,700 89,800 $2,545,200 398,500 40,100 $701,000 398,500 70,600 $748,400 Total Current liabilities Long-term liabilities Common stock Retained earnings $639,000 857,300 595,700 453,200 $2,545,200 $269,300 291,300 180,600 $ 701,400 927,100 595,700 22,400 $2,246,600 $259,900 272,400 180,600 35,500 $748,400 (40,200) Total $701,000