Question: Sophisticated equity method, second year, eliminations, income statement. The trial balances of Panther and Sargo companies of Exercise 5 for December 31, 2012, are presented

Sophisticated equity method, second year, eliminations, income statement. The trial balances of Panther and Sargo companies of Exercise 5 for December 31, 2012, are presented as follows:

Sophisticated equity method, second year, eliminations, income statement. The trial balances of

Panther Company continues to use the sophisticated equity method.

1. Prepare all the eliminations and adjustments that would be made on the 2012 consolidated worksheet.

2. If you did not solve Exercise 4, prepare the 2012 consolidated income statement and its related income distribution schedules.

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