Equity method, second year, eliminations, income statement. The trial balances of Parker and Sargent companies of Exercise 3 for December 31, 2016, are presented as follows:   1. Prepare all the...

Equity method, second year, eliminations, income statement. The trial balances of Parker and Sargent companies of Exercise 3 for December 31, 2016, are presented as follows:

1. Prepare all the eliminations and adjustments that would be made on the 2016 consolidated worksheet.

2. Prepare the 2016 consolidated income statement and its related income distribution schedules.