PROUT COMPANY AND SUBSIDIARY

Part A Consolidated Statements W

For the Year Ended Decembe

Prout Sexton Eliminations

Company Company Debit
INCOME STATEMENT
Sales 1,475,000 1,110,000
Dividend Income 80,000 80,000
Total Revenue 1,555,000 1,110,000
Cost of Goods Sold: 942,000 795,000
Income Tax Expense 187,200 90,000
Other Expenses 145,000 90,000
Total Cost & Expenses 1,274,200 975,000
Net /Consolidated Income 280,800 135,000
Noncontrolling Interest Income
Net Income to Retained Earnings 280,800 135,000 80,000

STATEMENT OF RETAINED EARNINGS

1/1 Retained Earnings
Prout Company 1,300,000 120,000

Sexton Company 1,040,000 1,040,000

Net Income from above 280,800 135,000 80,000
Dividends Declared
Prout Company - 120,000
Sexton Company - 100,000
Noncontrolling Interest
12/31 Retained Earnings
to Balance Sheet 1,460,800 1,075,000 1,240,000

BALANCE SHEET
Current Assets 568,000 271,000
Investment in Sexton Company 1,600,000 192,000
Fixed Assets 1,972,000 830,000 40,000
Accumulated Depreciation - 375,000 - 290,000 16,000
Other Assets 1,000,800 1,600,000
Total Assets 4,765,800 2,411,000 248,000

Other Liabilities 305,000 136,000

Capital Stock
Prout Company 3,000,000
 Sexton Company 1,200,000 1,200,000
Retained Earnings from above 1,460,800 1,075,000 1,240,000
Noncontrolling Interest in Net Assets

Total Liabilities & Equity 4,765,800 2,411,000 2,688,000

Part B
1. Cash 300,000
Accumulated Depreciation - Fixed Assets
(360,000/15) x 2 48,000
Loss on Sale of Equipment 12,000
Plant and Equipment 360,000

2. Beginning Retained Earnings - Prout 104,000

Loss on Sale of Equipment 12,000
Gain on Sale of Equipment 92,000
Original Cost 400,000
Accumulated Depreciation (12/25)x 400.000 - 192,000
Book Value to the Affiliated Companies on 1/1/21 208,000
Sale to third party 300,000
Gain on Sale 92,000

3. Tidak ada lagi jurnal karena fixed assets sudah terjual ke pihak ketiga
 Jurnal Transaksi
Prout Company
ted Statements Workpaper Cost 400,000
r Ended December 31, 2020 Accum. Dep - 160,000
BV/Carring Value 240,000
Eliminations Noncontrolling Consolidated
Credit Interest Balances Cash 360,000
Accum Dep 160,000
2,585,000 Fixed Asset
- Gain on Sales
2,585,000
1,737,000
277,200 Intercompany Sales
8,000 227,000 Cost
2,241,200 Original Cost 400,000
343,800 Selling Price 360,000
27,000 - 27,000 Difference 40,000
8,000 27,000 316,800
Cost Method
Jurnal Eliminasi For Ended Tahun 2019
Fixed Aset 40,000
8,000 1,380,000 Gain On Sale 120,000
192,000 Accum Dep
- To eliminate the intercompany gain and restore fixed asse
8,000 27,000 316,800
Accumulated Depreciation - Fixed Asset
- 120,000 Depreciation Expense
80,000 - 20,000 - To adjust depreciation expense to the correct amount to th

288,000 7,000 1,576,800 Elimination Entries For Ended Year 2020

Fixed Asset (to original cost)
Beg. Retained Earnings - Prout
839,000 Accumulated Depreciation - Fixed Asset
1,792,000 - To eliminate prior period intercompany gain and restore f
2,842,000
160,000 - 809,000 Accumulated Depreciation - Fixed Asset
2,600,800 Depreciation Expense
1,952,000 5,472,800 Beg. Retained Earnings - Prout
To adjust depreciation for the current and prior year on e
441,000
Dividend income
3,000,000 Dividend declared from S
 - To eliminate dividend from Subsidiary
288,000 7,000 1,576,800
448,000 448,000 455,000 Common stock
Beginning Retained earnings
2,688,000 455,000 5,472,800 Investment in S
Noncontrolling interest
To eliminate Investment in S + NCI

Investment in sexton company

Retained Earnings - Prout Co
to establish convert to equity
Acquisition 2009, Retained Earning
Retained earning 2020
increase
share prout
Prout's retained earning
 Sexton Company

Fixed Asset 360,000

Cash 360,000

400,000
120,000

Carrying Remaining
Accum Dep Depreciation
Value life
160,000 240,000 15 16,000
- 360,000 15 24,000
160,000 - 120,000 - 8,000

ed Tahun 2019

160,000
pany gain and restore fixed asset to its original cost to the consolidated entity.

n - Fixed Asset 8,000

8,000
ense to the correct amount to the consolidated entity, thus realizing a portion of the gain through usage

Ended Year 2020

40,000
120,000
ation - Fixed Asset 160,000
ntercompany gain and restore fixed Asset to its original cost to the consolidated entity.

n - Fixed Asset 16,000

8,000
8,000
the current and prior year on equipment sold to affiliate.

80,000
80,000
Subsidiary

1,200,000
1,040,000
1,792,000
448,000

192,000
192,000

800,000
1,040,000
240,000
80%
192,000