Parent Subsidiary Elimination Consolidated

DR CR
STATEMENT OF CI
Sales 150,000.00 100,000.00 250,000.00
Dividend income 4,000.00 4,000.00
Less:
Expenses 110,000.00 75,000.00 6,250.00 191,250.00
Consolidated income 44,000.00 25,000.00 58,750.00
NCI in CI of the subsidiary 3,750.00 3,750.00
CI, CArried forward 44,000.00 25,000.00 55,000.00

STATEMENT OF R.E
Retained earnings, Beg..
Pedro 200,000.00 200,000.00
Sulu 150,000.00 150,000.00
CI, From above
Pedro 44,000.00 55,000.00
Sulu 25,000.00
Less: Dividend declared
Pedro -
Sulu 5,000.00 5,000.00
RE, End., carried forward 244,000.00 170,000.00 255,000.00

STATEMENT OF FP
Asset
Current assets 60,000.00 130,000.00 190,000.00
Noncurrent assets 294,000.00 180,000.00 474,000.00
FIxed Assets 62,500.00 6,250.00 56,250.00
Investment in Sulu Co. 250,000.00 200,000.00
50,000.00
Total Assets 604,000.00 310,000.00 720,250.00
LIabilities and Equity
Current liabilities 60,000.00 40,000.00 100,000.00
Common stock
Pedro 300,000.00 300,000.00
Sulu 100,000.00 100,000.00
Retained earnings from above 244,000.00 170,000.00 255,000.00
NCI 1,000.00 50,000.00 65,250.00
12,500.00
3,750.00
Total Liabilities and Equity 604,000.00 310,000.00 327,500.00 327,500.00 720,250.00