Problem 3-6 Partially correct answer. Your answer is partially correct. Try again. On July 31, 2014, Ping Company purchased 90% of Santos Companys common stock for $2,001,400 cash. Immediately after the acquisition, the two companies balance sheets were as follows: Ping Santos Cash $317,600 $148,500 Accounts receivable 600,600 300,500 Note receivable 99,000 0 Inventory 1,826,600 403,100 Advance to Santos Company 59,400 0 Investment in Santos Company 2,001,400 0 Plant and equipment (net) 3,022,800 1,500,300 Land 89,400 90,800 Total $8,016,800 $2,443,200 Accounts payable $ 797,900 $ 140,900 Notes payable 893,400 99,000 Common stock 2,391,200 899,800 Other contributed capital 2,212,000 680,700 Retained earnings 1,722,300 622,800 Total $8,016,800 $2,443,200 Santos Company has not yet recorded the $59,400 cash advance from Ping Company. Ping Companys accounts receivable include $20,200 due from Santos Company. Santos Companys $99,000 note payable is payable to Ping Company. Neither company has recorded $6,900 of interest accrued on the note from January 1 to July 31. Any difference between book value and the value implied by the purchase price relates to land. Prepare a consolidated balance sheet workpaper on July 31, 2014. (Round answers to 0 decimal places, e.g. 125.) PING COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper July 31, 2014 Ping Santos Eliminations Noncontrolling Consolidated Company Company Dr. Cr. Interest Balance Cash 317,600 148,500 $Entry field with incorrect answer 0 $Entry field with correct answer 0 $Entry field with correct answer 0 $Entry field with incorrect answer 0 Accounts Receivable 600,600 300,500 Entry field with correct answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Note Receivable 99,000 Entry field with correct answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Inventory 1,826,600 403,100 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Advance to Santos Company 59,400 Entry field with correct answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Investment in Company 2,001,400 Entry field with correct answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Difference between Implied & Book Value Entry field with incorrect answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Plant and Equipment 3,022,800 1,500,300 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Land 89,400 90,800 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Total Assets 8,016,800 2,443,200 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Accounts Payable 797,900 140,900 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Notes Payable 893,400 99,000 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Common Stock: Ping Company 2,391,200 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Santos Company 899,800 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Other Contributed Capital: Ping Company 2,212,000 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Santos Company 680,700 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Retained Earnings Ping Company 1,722,300 Entry field with correct answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with incorrect answer 0 Santos Company 622,800 Entry field with incorrect answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Entry field with correct answer 0 Noncontrolling Interest Entry field with correct answer 0 Entry field with incorrect answer 0 $Entry field with incorrect answer 0 Entry field with incorrect answer 0 Total 8,016,800 2,443,200 Advance from Ping Company Entry field with incorrect answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Interest Payable Entry field with incorrect answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Interest Receivable Entry field with incorrect answer 0 Entry field with incorrect answer 0 Entry field with correct answer 0 Total Liabilities and Equity $Entry field with incorrect answer 0 $Entry field with incorrect answer 0 $Entry field with incorrect answer 0 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 1 of 5 used SAVE FOR LATER SUBMIT ANSWER.