NCI Measured proportionately to the fair value of identifiable net ass

Income Statement
Sales
Less: Cost of goods sold
Gross profit
Depreciation Expense
Other Expense
Net income from own operations
Dividend Income
Net income
Consolidated Net Income
Less: NCI in Net Income
Controlling Interest in Consolidated net income

Statement of Retained Earnings

Retained Earnings, January 1
P Company
S Company
Net income - 2014
Total
Dividends paid
Retained Earnings, December 31 (to balance sheet)
Balance Sheet
Cash
Accounts Receivable
Inventory
Land
Equipment
Buildings
Investment in S Company
Discount on bonds payable
Goodwill
Total

Accumulated Depreciation - equipment

Accumulated Depreciation - Building
Accounts Payable
Bonds payable
Common Stock, P10 par
Retained Earnings
Non-controlligg interest
Total

Working Paper Eliminations:

Common Stock - S Company
Retained Earnings - S Company
Non-controlling interest
Investment in S Company

Inventory
Land
Equipment
Discount on Bonds Payable
Goodwill
Buildings
NCI
Investment in S Company

Dividend Income
NCI
Dividends paid - S Company

Cost of goods sold

Depreciation expense
Interest Expense
Other Expenses (Goodwill impairment)
Accumulated Depreciation - Building
Inventory
Accumulated Dep'n - Equipment
Discount on Bonds Payable
 Goodwill

NCI in Net Income

NCI

CONSOLIDATED RETAINED EARNINGS, JAN. 1

ADD: Controlling Interest in CNI
Total
Less Dividends paid - P Company

NCI , January 1, 2014

NCI in Net Income - 2014
Total
NCI in Dividends
NCI, December 31, 2014
ue of identifiable net assets of subsidiary

P Company S Company

480,000.00 240,000.00
204,000.00 138,000.00
276,000.00 102,000.00
(60,000.00) (24,000.00)
(48,000.00) (18,000.00)
168,000.00 60,000.00
28,800.00 -
196,800.00 60,000.00

360,000.00
120,000.00
196,800.00 60,000.00

(72,000.00) (36,000.00)
484,800.00 144,000.00
 232,800.00 90,000.00
90,000.00 60,000.00
120,000.00 90,000.00
210,000.00 48,000.00
240,000.00 180,000.00
720,000.00 540,000.00
372,000.00 -
- -
- -
1,984,800.00 1,008,000.00

135,000.00 96,000.00
405,000.00 288,000.00
120,000.00 120,000.00
240,000.00 120,000.00
600,000.00 240,000.00
484,800.00 144,000.00
- -
1,984,800.00 1,008,000.00

Debit Credit
240,000.00
120,000.00
72,000.00
288,000.00

6,000.00
7,200.00
96,000.00
4,800.00
12,000.00
24,000.00
18,000.00
84,000.00

28,800.00
7,200.00
36,000.00

6,000.00
6,000.00
1,200.00
3,000.00
6,000.00
6,000.00
12,000.00
1,200.00
 3,000.00

9,360.00
9,360.00

Dec. 31, 2014

360,000.00
202,440.00
562,440.00
72,000.00
490,440.00

Partial Full
90,000.00 93,000.00
9,360.00 8,610.00
99,360.00 101,610.00
(7,200.00) (7,200.00)
92,160.00 94,410.00
 Eliminations
Debit Credit

6,000.00

6,000.00
4,200.00

28,800.00

120,000.00

36,000.00
 6,000.00 6,000.00
7,200.00
96,000.00
24,000.00
372,000.00
4,800.00 1,200.00
12,000.00 3,000.00

12,000.00
6,000.00

240,000.00
CONSOLIDATED RETAINED EARNINGS - JANUAR
Dec. 31, 2015
490,440.00
Consolidated

720,000.00
348,000.00
372,000.00
(90,000.00)
(70,200.00)
211,800.00
-

211,800.00
9,360.00
202,440.00

360,000.00
-
202,440.00

72,000.00
490,440.00
 322,800.00
150,000.00
210,000.00
265,200.00
516,000.00
1,236,000.00
-
3,600.00
9,000.00
2,712,600.00

243,000.00
687,000.00
240,000.00
360,000.00
600,000.00
490,440.00
92,160.00
2,712,600.00 -
D RETAINED EARNINGS - JANUARY 1
NCI Measured proportionately to the fair value of identifiable net ass

Income Statement
Sales
Less: Cost of goods sold
Gross profit
Depreciation Expense
Other Expense
Net income from own operations
Dividend Income
Net income
Consolidated Net Income
Less: NCI in Net Income
Controlling Interest in Consolidated net income

Statement of Retained Earnings

Retained Earnings, January 1
P Company
S Company
Net income - 2014
Total
Dividends paid
Retained Earnings, December 31 (to balance sheet)
Balance Sheet
Cash
Accounts Receivable
Inventory
Land
Equipment
Buildings
Investment in S Company
Discount on bonds payable
Goodwill
Total

Accumulated Depreciation - equipment

Accumulated Depreciation - Building
Accounts Payable
Bonds payable
Common Stock, P10 par
Retained Earnings
Non-controlligg interest
Total

Working Paper Eliminations:

Common Stock - S Company
Retained Earnings - S Company
Non-controlling interest
Investment in S Company

Inventory
Land
Equipment
Discount on Bonds Payable
Goodwill
Buildings
NCI
Investment in S Company

Dividend Income
NCI
Dividends paid - S Company

Cost of goods sold

Depreciation expense
Interest Expense
Other Expenses (Goodwill impairment)
Accumulated Depreciation - Building
Inventory
Accumulated Dep'n - Equipment
Discount on Bonds Payable
 Goodwill

NCI in Net Income

NCI
ue of identifiable net assets of subsidiary

P Company S Company

480,000.00 240,000.00
204,000.00 138,000.00
276,000.00 102,000.00
(60,000.00) (24,000.00)
(48,000.00) (18,000.00)
168,000.00 60,000.00
28,800.00 -
196,800.00 60,000.00

360,000.00
120,000.00
196,800.00 60,000.00

(72,000.00) (36,000.00)
484,800.00 144,000.00
 232,800.00 90,000.00
90,000.00 60,000.00
120,000.00 90,000.00
210,000.00 48,000.00
240,000.00 180,000.00
720,000.00 540,000.00
372,000.00 -
- -
- -
1,984,800.00 1,008,000.00

135,000.00 96,000.00
405,000.00 288,000.00
120,000.00 120,000.00
240,000.00 120,000.00
600,000.00 240,000.00
484,800.00 144,000.00
- -
1,984,800.00 1,008,000.00

Debit Credit
240,000.00
120,000.00
72,000.00
288,000.00

6,000.00
7,200.00
96,000.00
4,800.00
15,000.00
24,000.00
21,000.00
84,000.00

28,800.00
7,200.00
36,000.00

6,000.00
6,000.00
1,200.00
3,750.00
6,000.00
6,000.00
12,000.00
1,200.00
 3,750.00

8,610.00
8,610.00
 Eliminations
Debit Credit

6,000.00

6,000.00
4,950.00

28,800.00

120,000.00
Consolidated

720,000.00
348,000.00
372,000.00
(90,000.00)
(70,950.00)
211,050.00
-

211,050.00
8,610.00
202,440.00

360,000.00

202,440.00

72,000.00
490,440.00
NCI Measured proportionately to the fair value of identifiable net ass

For t

Income Statement
Sales
Less: Cost of goods sold
Gross profit
Depreciation Expense
Other Expense
Net income from own operations
Dividend Income
Net income
Consolidated Net Income
Less: NCI in Net income
Controlling interest in net income

Statement of Retained Earnings

Retained Earnings, January 1
P Company
S Company
Net income - 2014
Total
Dividends paid
Retained Earnings, December 31 (to balance sheet)

Balance Sheet
Cash
Accounts Receivable
Inventory
Land
Equipment
Buildings
Investment in S Company
Discount on bonds payable
Goodwill
Total

Accumulated Depreciation - equipment

Accumulated Depreciation - Building
Accounts Payable
Bonds payable
Common Stock, P10 par
Retained Earnings
Non-controlligg interest
Total
Working Paper Eliminations:

Common Stock - S Company

Retained Earnings - S Company
Non-controlling interest
Investment in S Company

Inventory
Land
Equipment
Discount on Bonds Payable
Goodwill
Buildings
NCI
Investment in S Company

Retained Earnings - S Company Jan 1

NCI

Retained Earnings, S Company Jan 1

Retained Earnings, P Company Jan 1
Depreciation Expense
Interest Expense
Accumulated Depreciation - Building (2 yrs)
Inventory
Accumulated Depreciation - Equipment (2 yrs)
Discount on Bonds Payable (2 years)
Goodwill

Dividend Income
NCI
Dividends paid - S Company

NCI in Net Income

NCI

NCI, January 1, 2015

NCI in Net Income - 2015
total
NCI in dividends
NCI, Dec. 31, 2015
dentifiable net assets of subsidiary

P Company and Subsidiary

Consolidation Working Paper
For the year ended December 31, 2015

P Company S Company

540,000.00 360,000.00
216,000.00 192,000.00
324,000.00 168,000.00
(60,000.00) (24,000.00)
(72,000.00) (54,000.00)
192,000.00 90,000.00
38,400.00 -
230,400.00 90,000.00

484,800.00
144,000.00
230,400.00 90,000.00
 (72,000.00) (48,000.00)
643,200.00 186,000.00

265,200.00 102,000.00
180,000.00 96,000.00
216,000.00 108,000.00
210,000.00 48,000.00
240,000.00 180,000.00
720,000.00 540,000.00
372,000.00 -
- -
- -
2,203,200.00 1,074,000.00

150,000.00 102,000.00
450,000.00 306,000.00
120,000.00 120,000.00
240,000.00 120,000.00
600,000.00 240,000.00
643,200.00 186,000.00
- -
2,203,200.00 1,074,000.00
Debit Credit
240,000.00
120,000.00
72,000.00
288,000.00

6,000.00
7,200.00
96,000.00
4,800.00
12,000.00
24,000.00
18,000.00
84,000.00

2,160.00
2,160.00

13,200.00
3,000.00
6,000.00
1,200.00
 12,000.00
6,000.00
24,000.00
2,400.00
3,000.00

38,400.00
9,600.00
48,000.00

16,560.00
16,560.00

Partial Full
92,160.00 94,410.00
16,560.00 16,560.00
108,720.00 110,970.00
9,600.00 9,600.00
99,120.00 101,370.00
ry
per
31, 2015
Eliminations
Debit Credit

6,000.00
1,200.00

38,400.00
 48,000.00

6,000.00 6,000.00
7,200.00
96,000.00
24,000.00
372,000.00
4,800.00 2,400.00
12,000.00 3,000.00

24,000.00
12,000.00

240,000.00
Consolidated

900,000.00
408,000.00
492,000.00
90,000.00
127,200.00
274,800.00
-

274,800.00
16,560.00
258,240.00

490,440.00
-
258,240.00
 72,000.00
676,680.00

367,200.00
276,000.00
324,000.00
265,200.00
516,000.00
1,236,000.00
-
2,400.00
9,000.00
2,995,800.00

276,000.00
744,000.00
240,000.00
360,000.00
600,000.00
676,680.00
99,120.00
2,995,800.00
NCI Measured proportionately to the fair value of identifiable net ass

For t

Income Statement
Sales
Less: Cost of goods sold
Gross profit
Depreciation Expense
Other Expense
Net income from own operations
Dividend Income
Net income
Consolidated Net Income
Less: NCI in Net income
Controlling interest in net income

Statement of Retained Earnings

Retained Earnings, January 1
P Company
S Company
Net income - 2014
Total
Dividends paid
Retained Earnings, December 31 (to balance sheet)

Balance Sheet
Cash
Accounts Receivable
Inventory
Land
Equipment
Buildings
Investment in S Company
Discount on bonds payable
Goodwill
Total

Accumulated Depreciation - equipment

Accumulated Depreciation - Building
Accounts Payable
Bonds payable
Common Stock, P10 par
Retained Earnings
Non-controlligg interest
Total
Working Paper Eliminations:

Common Stock - S Company

Retained Earnings - S Company
Non-controlling interest
Investment in S Company

Inventory
Land
Equipment
Discount on Bonds Payable
Goodwill
Buildings
NCI
Investment in S Company

Retained Earnings - S Company Jan 1

NCI

Retained Earnings, S Company Jan 1

Retained Earnings, P Company Jan 1
Depreciation Expense
Interest Expense
Accumulated Depreciation - Building (2 yrs)
Inventory
Accumulated Depreciation - Equipment (2 yrs)
Discount on Bonds Payable (2 years)
Goodwill

Dividend Income
NCI
Dividends paid - S Company

NCI in Net Income

NCI

NCI, January 1, 2015

NCI in Net Income - 2015
total
NCI in dividends
NCI, Dec. 31, 2015
dentifiable net assets of subsidiary

P Company and Subsidiary

Consolidation Working Paper
For the year ended December 31, 2015

P Company S Company

540,000.00 360,000.00
216,000.00 192,000.00
324,000.00 168,000.00
(60,000.00) (24,000.00)
(72,000.00) (54,000.00)
192,000.00 90,000.00
38,400.00 -
230,400.00 90,000.00

484,800.00
144,000.00
230,400.00 90,000.00
 (72,000.00) (48,000.00)
643,200.00 186,000.00

265,200.00 102,000.00
180,000.00 96,000.00
216,000.00 108,000.00
210,000.00 48,000.00
240,000.00 180,000.00
720,000.00 540,000.00
372,000.00 -
- -
- -
2,203,200.00 1,074,000.00

150,000.00 102,000.00
450,000.00 306,000.00
120,000.00 120,000.00
240,000.00 120,000.00
600,000.00 240,000.00
643,200.00 186,000.00
- -
2,203,200.00 1,074,000.00
Debit Credit
240,000.00
120,000.00
72,000.00
288,000.00

6,000.00
7,200.00
96,000.00
4,800.00
15,000.00
24,000.00
21,000.00
84,000.00

1,410.00
1,410.00

13,950.00
3,000.00
6,000.00
1,200.00
 12,000.00
6,000.00
24,000.00
2,400.00
3,750.00

38,400.00
9,600.00
48,000.00

16,560.00
16,560.00

Partial Full
92,160.00 94,410.00
16,560.00 16,560.00
108,720.00 110,970.00
9,600.00 9,600.00
99,120.00 101,370.00
ry
per
31, 2015
Eliminations
Debit Credit

6,000.00
1,200.00

38,400.00
 48,000.00

6,000.00 6,000.00
7,200.00
96,000.00
24,000.00
372,000.00
4,800.00 2,400.00
15,000.00 3,750.00

24,000.00
12,000.00

240,000.00
Consolidated

900,000.00
408,000.00
492,000.00
90,000.00
127,200.00
274,800.00
-

274,800.00
16,560.00
258,240.00

490,440.00
-
258,240.00
 72,000.00
676,680.00

367,200.00
276,000.00
324,000.00
265,200.00
516,000.00
1,236,000.00
-
2,400.00
11,250.00
2,998,050.00

276,000.00
744,000.00
240,000.00
360,000.00
600,000.00
676,680.00
101,370.00
2,998,050.00
Sales
Expenses
Net Income
Dividend Income
Net income
Less NCI in net income
Controlling interest in net income

Retainend Earnings, Jan

Add: Net Income
Total
Less Dividends paid
Retained Earnings, Dec. 31

Current Assets
Non-current Assets
Total Assets

Current Liabilities
Controlling Interest:
Common Stock
Retained Earnings
Controlling interest in SHE
Non-controlling interest
Total shareholders equity
Total liabilities and equity

Working Paper Eliminating Entries

Common Stock - S
Retained Earnings - S
NCI
Investment in Subsidiary

Non-current Asset
NCI
Investment in Subsidiary

Dividend Income
NCI
dividends Declared

Expenses
Non-current Assets

NCI in net income

NCI
 Eliminations
Pedro Sulu Debit
150,000.00 100,000.00
110,000.00 75,000.00 6,250.00
40,000.00 25,000.00
4,000.00
44,000.00

200,000.00 150,000.00 150,000.00

44,000.00 25,000.00
244,000.00 175,000.00
- 5,000.00
244,000.00 170,000.00

60,000.00 130,000.00
294,000.00 180,000.00 62,500.00

60,000.00 40,000.00
300,000.00 100,000.00 100,000.00
200,000.00 150,000.00

Debit Credit
100,000.00
150,000.00
50,000.00
200,000.00

62,500.00
12,500.00
50,000.00

4,000.00
1,000.00
5,000.00

6,250.00
6,250.00

3,750.00
3,750.00
Eliminations
Credit Consolidated
250,000.00
191,250.00
58,750.00

3,750.00
55,000.00

200,000.00
55,000.00
255,000.00
5,000.00 -
255,000.00

190,000.00
6,250.00 530,250.00
720,250.00

100,000.00
 300,000.00
255,000.00
555,000.00
65,250.00 65,250.00
620,250.00
720,250.00
Sales
Expenses
Operating Income
Add: Dividend Income
Net income
Less NCI in net income
Net income attributable to parent

Retained Earnings Jan 1

Net income
Total
Less Dividends
Retained Earnings, Dec 31

Current Assets
Non-current Assets
Total Assets

Current Liabilities
Controlling Interest:
Common Stock
Retained Earnings
Controlling interest in SHE
Non-controlling interest
Total shareholders equity
Total liabilities and equity

Eliminating Entries

Retained Earnings - S Jan. 1

NCI

Common Stock - S
Retained Earnings - S
NCI
Investment in Subsidiary

Non-current Asset
NCI
Investment in Subsidiary

Expenses
Retained Earnings - S Jan 1
Non-current Assets

Dividend Income
NCI
 Dividends declared

NCI in net income

NCI

Pepe Dec. 31, 2017 RE

Sison RE Dec. 31, 2017

Sison RE Date of Acquisition
Unadjusted increase in Sison's RE
Less amortization (4,000x2yrs)
Adjusted Increase
Net income P
Net income S

RE Solic Dec 31
RE Solis - Date of Acquisition
Unadjusted increase (no fair value differences)
Controlling interest rate
To Consolidated Retained earnings
RE Ponce December 31, 2017
Consolidated Retained Dec. 31, 2017

NCI - Date of Acquistion

NCI - December 31, 2017

Pedro Sulu
200,000.00 100,000.00
160,000.00 85,000.00
40,000.00 15,000.00
8,000.00
48,000.00

244,000.00 170,000.00
48,000.00 15,000.00
292,000.00 185,000.00
- 10,000.00
292,000.00 175,000.00

152,000.00 115,000.00
270,000.00 160,000.00

80,000.00 -

300,000.00 100,000.00
292,000.00 150,000.00
Debit Credit
2,750.00
2,750.00

100,000.00
150,000.00
50,000.00
200,000.00

62,500.00
12,500.00
50,000.00

6,250.00
6,250.00
12,500.00

8,000.00
2,000.00
 10,000.00

1,750.00
1,750.00

1,003,500.00
51,800.00
1,055,300.00

267,000.00
185,000.00
82,000.00
8,000.00
74,000.00

P S
 81,000.00
24,000.00 16,000.00
105,000.00 16,000.00
121,000.00

130,000.00
100,000.00
30,000.00
0.60
18,000.00
505,000.00
523,000.00

120,000.00
12,000.00
132,000.00
 Eliminations
Debit Credit

6,250.00

8,000.00

10,000.00

62,500.00 12,500.00

100,000.00
Consolidated
300,000.00
251,250.00
48,750.00
-
48,750.00
1,750.00
47,000.00

255,000.00
47,000.00
302,000.00

302,000.00

267,000.00
480,000.00
747,000.00

80,000.00

300,000.00
302,000.00
602,000.00
 65,000.00
667,000.00
747,000.00