Required A Required B Required C1 Required C2 Required C3 Prepare all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Event Accounts Debit Credit A 1 Retained earnings 47,000 Common stock 59,000 Income from Saver Company 46,000 Dividends declared Investment in Saver Company 30,500 121,500 B 2 Depreciation expense 1,500 Income from Saver Company 1,500 3 Buildings and equipment Goodwill 15,000 2,600 Accumulated depreciation Investment in Saver Company Accumulated depreciation i D 4 Buildings and equipment Price Corporation acquired 100 percent ownership of Saver Company on January 1, 20X8, for $121,600. At that date, the fair value of Saver's buildings and equipment was $15,000 more than the book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwill is not amortized, Price's management concluded at December 31, 20X8, that goodwill involved in its acquisition of Saver shares had been impaired and the correct carrying value was $2,600. No additional impairment occurred in 20X9. Trial balance data for Price and Saver on December 31, 20X9, are as follows: Item Cash Price Corporation Debit Credit Saver Company Debit Credit Accounts Receivable Inventory Land Buildings and Equipment Investment in Saver Company Cost of Goods Sold Wage Expense Depreciation Expense $ 56,500 94,000 106,000 $ 33,000 15,000 25,000 66,000 26,000 353,000 156,000 136,100 136,000 111,000 34,000 19,000 24,000 8,000 Interest Expense 11,000 3,000 Other Expenses 22,000 15,000 Dividends Declared 35,000 30,500 Accumulated Depreciation Accounts Payable $170,000 44,000 $ 32,000 10,000 Wages Payable 9,000 5,000 Notes Payable 144,000 86,500 Common Stock 186,000 59,000 Retained Earnings 176,100 47,000 Sales 300,000 202,000 Income from Saver Company 44,500 $ 1,073,600 $ 1,073,600 $ 441,500 $ 441,500 Required: a. Prepare all consolidating entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. b. Prepare a three-part consolidation worksheet for 20X9. c-1. Prepare a consolidated balance sheet for 20X9. c-2. Prepare a consolidated income statement for 20X9. c-3. Prepare a retained earnings statement for 20X9. Required A Consolidated Financial Statements Worksheet December 31, 20X9 Price Corporation Saver Company Consolidation Entries Consolidated Debit Credit Income Statement Sales Less: COGS Less: Wage expense Less: Depreciation expense Less: Interest expense $ 300,000 $ 202,000 S 502,000 (136,000) (111,000) (247,000) (34,000) (19,000) (53,000) (24,000) (8,000) (32,000) (11,000) (3,000) (14,000) Less: Other expenses (22,000) (15,000) (37,000) Income from Saver Company 44,500 44,500 Net Income $ 117,500 $ 46,000 $ 0 $ 0 $ 163,500 Statement of Retained Earnings Beginning balance $ 176,100 $ 47,000 S 223,100 Net income 117,500 46,000 163,500 Less: Dividends declared (35,000) (30,500) (65,500) Ending Balance $ 258,600 $ 62,500 $ 0 $ 0 $ 321,100 Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Saver Company $ 56,500 $ 33,000 94,000 15,000 106,000 25,000 66,000 26,000 353,000 156,000 (170,000) (32,000) 136,100 S 89,500 109,000 131,000 92,000 509,000 (202,000) 136,100 Goodwill Total Assets $ 641,600 $ 223,000 $ 0 $ 0 $ 864,600 Liabilities and Stockholders' Equity Accounts payable $ 44,000 $ 10,000 $ 54,000 Wages payable 9,000 5,000 14,000 Notes payable 144,000 86,500 230,500 Common stock 186,000 59,000 245,000 Retained earnings 258,600 62,500 321,100 Total Liabilities and Equity $ 641,600 $ 223,000 $ 0 $ 0 S 864,600 Assets PRICE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X9 Total Assets Liabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity S 0 0 PRICE CORPORATION AND SUBSIDIARY Consolidated Income Statement Year Ended December 31, 20X9 Total Expenses Consolidated net income S 0 0 PRICE CORPORATION AND SUBSIDIARY Consolidated Retained Earnings Statement Year Ended December 31, 20X9 Retained Earnings, January 1, 20X9 Retained Earnings, December 31, 20X9 $ 0 69 $ 0