Parent Subsidiary Elimination Consolidated

DR CR
STATEMENT OF CI
Sales 200,000.00 100,000.00 300,000.00
Dividend income 8,000.00 4,000.00
Less:
Expenses 160,000.00 85,000.00 6,250.00 251,250.00
Consolidated income 48,000.00 15,000.00 48,750.00
NCI in CI of the subsidiary 1,750.00 1,750.00
CI, CArried forward 48,000.00 15,000.00 47,000.00

STATEMENT OF R.E
Retained earnings, Beg..
Pedro 244,000.00 244,000.00
Sulu 170,000.00 150,000.00 13,750.00
6,250.00
CI, From above
Pedro 48,000.00 47,000.00
Sulu 15,000.00
Less: Dividend declared
Pedro -
Sulu 10,000.00 5,000.00
RE, End., carried forward 292,000.00 175,000.00 291,000.00

STATEMENT OF FP
Asset
Current assets 152,000.00 115,000.00 267,000.00
Noncurrent assets 270,000.00 160,000.00 430,000.00
FIxed Assets 62,500.00 12,500.00 50,000.00
Investment in Sulu Co. 250,000.00 200,000.00
50,000.00
Total Assets 672,000.00 275,000.00 747,000.00
LIabilities and Equity
Current liabilities 80,000.00 - 80,000.00
Common stock
Pedro 300,000.00 300,000.00
Sulu 100,000.00 100,000.00
Retained earnings from above 292,000.00 175,000.00 2,750.00 288,250.00
NCI 1,000.00 50,000.00 66,000.00
2,750.00
12,500.00
1,750.00
Total Liabilities and Equity 672,000.00 275,000.00 334,500.00 334,500.00 734,250.00