Problems $(70$ points total. See questions for individual breakdown$)$

$26.(15$ points$)$ P Corporation acquired $80\%$ of S Corporation on January $1,2025$ for $$240,000$ cash when S$\text{'}$s stockholders' equity consisted of $$100,000$ of Common Stock and $$30,000$ of Retained Earnings. The difference berween the price paid by P and the underlying equity acquired in S was allocated solely to a patent amortized over $10$ years.

P sold merchandise to $ during the year in the amount of $$30,000.$$$10,000$ worth of inventory is still on hand at the end of the year with an unrealized profit of $$4,000.$ The separate company statements for P and S appear in the first two columns of the partially completed consolidated workpaper.

Required:

Complete the consolidated workpaper for P and S for the year $2025.$

P Corporation and Subsidiary Consolideted Statements Workpaper December $31,2025$

$\backslash$table$[[,$P$,5,$Eliminations,Nomcoatrolling,Consolidated$],[,$Corp.,Corp,Dr$.,$Cr$.,$Interest,Balances$],[$Income Statement,,,,,,$],[$Sales$,200\mathrm{.}000,150,000,,,,],[$Dividund lncome$,16,000,,,,,],[$Cost of Sales,$[92,000),(47,000),,,,],[$Other Expenses,$(23,000),(60,000),,,,],[$Noncontrolling Interst in Income,,,,,,$],[$Net lasome,$101\mathrm{.}000,51\mathrm{.}009,,,,],[$Retained Earnings Statemers,,,,,,$],[$Retained Earnings $1/],110\mathrm{.}000,30\mathrm{.}000,,,,],[$Add$.$ Net Income,$101,000,63,000,,,,],[$Pewt Dividend,$(300009),(20,000),,,,],[$Retained Eamings $12/31,181\mathrm{.}009,21,000,,,,],[$Balance Sheet,,,,,,$],[$Cash$,20,000,19000,,,,],[$Accounts Receivable$-$nat,$120,000,55,000,,,,],[$Inventories$,1\mathrm{.}90000,50,000,,,,],[$Patent$,,,,,,],[$Land$,270,000,420\mathrm{.}000,,,,],[$Sowipmeet and Buildings$-$net,$600,000,430,000,,,,],[$Pevertment in S Corporacion,$240,099,,,,,],[$Total Assets,$698\mathrm{.}090,$T$\mathrm{.}00,000,,,,],[$Equaties$,,,,,,],[$Ascounts Pewahle.,$909,000,811,000,,,,],[$Common Stock,$300,000,100,000,,,,],[$Hetained Farnings,$181,000,73\mathrm{.}000,,,,],[1/$ Noncontrolling Interest in Net Avely,,,,,,$],[12/31$ Nontontrolling Intereit in Net Alsery,,,,,,$],[$Iotal Equitien,$1\mathrm{.}380\mathrm{.}000,14000,,,,]]$