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 Current assets Investment in S Company Long-term assets Other assets $ 885,900 $258,700 S $278,500 s 783,500 188,400 01,500 1,200,800 70,500 188,400 89,900 39,900 69,300 $2,558,500 $700,100 $2,243,200 $749,300 Total Current liabilities Long-term Babilities Common stock Retained earnings 634,800 $268,000 856,100 291,700 703,400 $259,600 928,400 270,500 598,600 181,300 598,600 181,300 37,900 $2,558,500 $00,100 $2,243,200 $749,300 469,000 (40,900) 12,800 Total (a1) Case I: Prepare a November 30, 2014, consolidated balance sheet workpaper. Any difference between book value of equity and the value implied by the purchase price relates to subsidiary long-term assets. (Round answers to O decimal places, eg. 125.) P COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper November 30, 2014 Dr. Current Assets Investment in S Company Difference between Implied and Book Value Long-term Assets Other Assets $885,900 4258,700 s 188,400 1,394,300 401,500 89,900 39,900 2,558,500 700,100 634,800 268,000 856,100 291,700 Total Assets Current Liabilities Long-term Liabilitles Common Stock: P Company S Company 598,600 181,300 Retained Earnings P Company 69,000 S Company 40,900) Noncontrolling Interest Total Liabilities and Equity $2,558,500 $700,100 s Attempts: o of s used