Problem 7-6, Continued
Marsha Corporation and Subsidiary Transam Corporation
Worksheet for Consolidated Financial Statements
For Year Ended December 31, 2016
Eliminations Consolidated Controlling Consolidated
Trial Balance
and Adjustments Income Retained Balance
Marsha Transam Dr. Cr. Statement NCI Earnings Sheet
Current Assets ……………………………………….. 806,400 463,250 …………….. …………….. …………….. …………….. …………….. 1,269,650
Accumulated Depreciation—Equipment …….. (400,000) (200,000) (F1) 5,000 …………….. …………….. …….………. …………….. (590,000)
…………….. …………….. (F2) 5,000 …………….. …………….. …………….. ………….…. ……………..
Goodwill ………………………………………………… …………….. …………….. (D2) 88,000 ….…………. …………….. …………….. …………….. 88,000
Liabilities ……………………………………………….. (800,000) (550,000) …………….. …………….. …………….. …………….. …………….. (1,350,000)
Common Stock ($20 par)—Marsha …………… (2,000,000) …………….. …………….. …………….. …..………… …………….. …………….. (2,000,000)
Other Expenses ……………………………………… 650,000 320,000 (A1) 1,400 (F2) 5,000 966,400 ………….…. …………….. ……………..
Dividends Declared …………………………………. 200,000 50,750 …………….. (CY) 21,400 …………….. 29,350 200,000 ……………..
0
0 933,200 933,200 …………….. …………….. …………….. ……………..
Consolidated Net Income ……………………………………………………………………………………………………………….……… (378,600) …………….. …………….. ……………..