Consolidated Financial Statements FullerWilsonDebitCredit Income Statement: Sales###$401,600 94,500 Cost of goods sold-3,098,100-232,700 5,000 85,500 Gross Profit1,061,900168,900 Depreciation expense 7,500 Amortization expense 6,000 Dividend Income (loss) from subsidiary7,120 7,120 Operating expenses-711,200-89,900 Consolidated Net Income$357,820 $79,000 Noncontrolling share of Net Income 12,300 Controlling share of Net Income Statement of Retained Earnings: BOY Retained Earnings###$404,400 404,400 112,320 Net income357,82079,000 Dividends-74,500-8,900 (8,900) EOY Retained Earnings###$474,500 Balance Sheet: Assets: Cash$309,420 $84,700 Accounts receivable433,600113,200 32,000 Inventory 641,900142,100 9,000 Investment in subsidiary620,000 576,720 159,600 112,320 4,000 PPE, net4,063,200800,500 127,500 7,500 Patent 72,000 6,000 ###### Liabilities and Stockholders' Equity: Current Liabilities$505,900 $99,500 32,000 Long-term Liabilities 703,500250,000 Common Stock402,00075,300 75,300 APIC1,589,600241,200 241,200 Retained Earnings2,867,120474,500
Noncontrolling Interest 1,780 144,180 1,000 39,900 12,300 ###### AAP allocation FV of consideration 775,000 FV on controlling80% FVNA 775,000 FV on NCI20% BVNA 535,000 Identifiable AAP AAPUseful lifeAmortized BB PPE 150000207500127500 Patent 9000015600072000 13500199500
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