REQUIRED:
Prepare consolidated balance sheet workpapers for Per Corporation and Subsidiary for December 31, 2011.
Extracted text: PER CORPORATION AND SUBSIDIARY Р 3-6 CONSOLIDATED BALANCE SHEET WORKING PAPER FOR YEAR ENDED DECEMBER 31, 2011 | Consolidated| | Adjustments & Eliminations Balance | (in thousands) Per Sim Debits Credits Sheet 168 | 200 | 1,400|| 600 | 2,400 | Cash 80 | 248 | Receivables--net 520 720 200 | 800 | 400 | Inventories 1,600 | Land 1,400 | 2,800 | 1,836 | Equipment--net Investment in Sim 1,836 | Goodwill Total assets 2,000 || 8,604 || Accounts payable Dividends payable 6,604 1,640 | 240 | 320 | 40 | 1,960 | 280 | Capital stock Retained earnings Total equities 4,000 | 1,200 5,200|| 1,164 | | 724 440 6,604 2,000 || Noncontrolling interest 8,604 |
Extracted text: P 3-6 Consolidated balance sheet workpapers with goodwill and dividends Per Corporation paid $1,800,000 cash for 90 percent of Sim Corporation's common stock on January 1, 2011, when Sim had $1,200,000 capital stock and $400,000 retained earnings. The book values of Sim's assets and liabilities were equal to fair values. During 2011, Sim reported net income of $80,000 and declared $40,000 in dividends on December 31. Balance sheets for Per and Sim at December 31, 2011, are as follows (in thousands): Per Sim Assets $ 168 200 1,400 600 2,400 1,836 $6.604 Per $ 80 520 Cash Receivables-net Inventories 200 Land 800 Equipment-net Investment in Sim 400 $2.000 Sim Еquities Accounts payable Dividends payable Capital stock Retained earnings $1,640 240 $ 320 40 4,000 724 $6,604 1,200 440 $2,000 REQUIRED: Prepare consolidated balance sheet workpapers for Per Corporation and Subsidiary for December 31, 2011.