Cheerleader Company held 80% of the common stock of Bad Dog Inc. and 40% of this Rock's convertible bonds. The following consolidated financial statements were for 2021 and 2022. 2021 2022 Revenues Cost of Goods Sold Depreciation & Amortization Gain on Sale of Building Interest Expense Non Controlling Interest Net Income to Controlling Interest 1,064,000 (714,000) (126,000) 0 (42,000) (12,600) 169,400 1,232,000 (756,000) (140,000) 28,000 (42,000) (15,400) 306,600
Cheerleader Company held 80% of the common stock of Bad Dog Inc. and 40% of this Rock's convertible
bonds. The following consolidated financial statements were for 2021 and 2022.
| 2021 | 2022 | |
|
Revenues Cost of Goods Sold Depreciation & Amortization Gain on Sale of Building Interest Expense Non Controlling Interest Net Income to Controlling Interest |
1,064,000 (714,000) (126,000) 0 (42,000) (12,600) 169,400 |
1,232,000 (756,000) (140,000) 28,000 (42,000) (15,400) 306,600 |
|
Net Income (above) Dividends Paid Retained Earnings (31/12/2022) |
420,000 169,400 (70,000) 519,400 |
519,400 306,600 (140,000) 686,000 |
|
Cash Inventory Buildings & Equipment (net) Database Total Assets |
112,000 210,000 280,000 896,000 210,000 1,708,000 |
196,000 196,000 476,000 966,000 203,000 2,037,000 |
|
Accounts Payable Bonds Payable Non-Controlling Interest in Brewer Inc. Common Stock Additional Paid-In Capital Retained Earnings (above) Total Liabilities & Equity |
(196,000) (560,000) (44,800) (140,000) (247,800) (519,400) 1,708,000 |
(140,000) (720,000) (57,400) (168,000) (265,600) (686,000) (2,037,000) |
Additional Information:
1. Bonds were issued during 2022 by the Pebble for cash.
2. Amortization of a database acquired in the original combination amounted to $7,000 per year.
3. A building with a cost of $84,000 but a $42,000 book value was sold by the Pebble for cash on May 11,
2022.
4. Equipment was purchased by the Rock on July 23, 2022, using cash.
5. Late in November 2022, the Pebble issued common stock for cash.
6. During 2022, the Rock paid dividends of $14,000.
Required:
Prepare the consolidated statement of
December 31, 2022.
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