Pil Corporation and Subsidiary

Consolidation WorkPapers
for the year ended December 31,2011
Pil San Adjustments and Eliminations Consolidated Statements
Income Statement
Sales 210 130 340
Income From San 31.9 31.9
Gain on Land 10 10
Depreciation exp 40 30 3 67
Other exp 110 60 3.125 173.125
Consolidated NI 99.875
Non-controling share NI 7,975 7.975
Controling share NI 91.9 50 91.9
Retained Earning
Retained Earning (Pil) 140.4 140.4
Retained Earning (San) 50 50
Controling share NI 91.9 50 91.9
Dividen 30 30
Retained Earning Des 31 202.3 100 202.3
Balance Sheet
Current Asset 200 170 370
550 350 15 875
Plant Asset
10
Acc Depreciation 120 70 6 184
322.3 9.6 31.9
Investment in San
300
Patent 25 3.125 21.875
952.3 450 1082.875

Current Liabilities 150 50 200

Capital Stock 600 300 300 600
Retained Earning 202.3 100 202.3
952.3 450
Non-controlling interest january 1 2.4 75
Non-controlling interest December 31 7.975 80.575
1082.875

Consolidation Workpaper Entries

a. Accumulated depreciation 6
investment in san 9.6
noncontrolling interest 2.4
Depreciation exp 3
Plant asset 15
b.Gain on Land 10
Plant Asset 10
c.Income From San 31.9
investment in san 31.9
d.Capital stock San 300
Retained Earing San Jan 1 50
Patent 25
Investment in san 300
Non Controling Interest jan 1 75
e.Other exp 3.125
patent 3.125
f.Noncontroling interest share 7.975
Noncontrolling interest 7.975
Statements