This is a consolidation assignment. It requires consolidated financial statements to be made with the information given in the files.

Information
    First Name:    Ebrahim
    Last Name:    Shakoor
    Students Number:    1001140794
    Parent Inc.                Subsidiary Inc.
    Financial Statements for the Year Ended December 31, 2019                Financial Statements for the Year Ended December 31, 2019
    Statement of Income                Statement of Income
    Sales        $ 3,700,000        Sales        $ 1,906,000
    Cost of sales        - 2,664,000        Cost of sales        - 1,439,030
    Gross profit        1,036,000        Gross profit        466,970
    Other income        310,875        Other income        190,000
            $ 1,346,875                $ 656,970
    Expenses                Expenses
     - Amortization expense        112,350         - Amortization expense        75,600
     - Interest expense        35,000         - Interest expense        20,000
     - Other expenses        721,960         - Other expenses        345,840
            $ 869,310                $ 441,440
    Net income before tax        477,565        Net income before tax        215,530
    Income tax        - 128,900        Income tax        - 58,200
    Net income before tax        $ 348,665        Net income before tax        $ 157,330
    Statement of Financial Position                Statement of Financial Position
    Current Assets                Current Assets
     - Cash        $ 50,000         - Cash        $ 140,000
     - Accounts receivable        435,040         - Accounts receivable        302,430
     - Inventory        503,500         - Inventory        537,500
            $ 988,540                $ 979,930
    Non-current assets                Non-current assets
     - Investment in Subsidiary Inc.        665,000         - Property, plant & equipment - cost        1,080,000
     - Non-current loan to Subsidiary Inc.        100,000         - Property, plant & equipment - accumulated amortization        - 702,000
     - Property, plant & equipment - cost        1,605,000
     - Property, plant & equipment - accumulated amortization        - 882,750                $ 378,000
            $ 1,487,250        Total assets        $ 1,357,930
    Total assets        $ 2,475,790        Current liabilities
                     - Accounts payable        197,600
    Current liabilities
     - Accounts payable        236,200        Non-current liabilities
                     - Non-current loan        120,000
    Non-current liabilities                 - Bonds payable        280,000
     - Non-current loan        210,000                $ 400,000
     - Bonds payable        490,000        Shareholders' equity
            $ 700,000         - Ordinary shares        300,000
    Shareholders' equity                 - Retained earnings        460,330
     - Ordinary shares        750,000                $ 760,330
     - Retained earnings        789,590
            $ 1,539,590        Total liabilities and shareholder's equity        $ 1,357,930
    Total liabilities and shareholder's equity        $ 2,475,790
            Parent Company    Subidiary Company    Combined    Adjustments    Final Amount
    Current Assets
     - Cash        $ 50,000    $ 140,000    $ 190,000        $ 190,000
     - Accounts receivable        435,040    302,430    $ 737,470    $ (23,400)    $ 714,070
     - Inventory        503,500    537,500    $ 1,041,000    $ (70,650)    $ 970,350
            $ 988,540    $ 979,930    $ 1,968,470        $ 1,874,420
    Non-current assets
     - Investment in Subsidiary Inc.        665,000        $ 665,000    $ (665,000)    $ - 0
     - Non-current loan to Subsidiary Inc.        100,000        $ 100,000    $ (100,000)    $ - 0
     - Property, plant & equipment - cost        1,605,000    1,000,000    $ 2,605,000        $ 2,605,000
     - Property, plant & equipment - accumulated amortization        - 882,750    - 702,000    $ (1,584,750)    $ (80,000)    $ (1,664,750)
            $ 1,487,250    $ 298,000    $ 1,785,250        $ 940,250
    Goodwill                    $ 435,000    $ 435,000
    Total assets        $ 2,475,790    $ 1,357,930    $ 3,833,720        $ 3,249,670
    Current liabilities
     - Accounts payable        236,200    197,600    $ 433,800    $ (23,400)    $ 410,400
    Non-current liabilities
     - Non-current loan        210,000    129,600    $ 339,600    $ (100,000)    $ 239,600
     - Bonds payable        490,000    280,000    $ 770,000        $ 770,000
            $ 700,000    $ 400,000    $ 1,100,000        $ 1,009,600
    Shareholders' equity
     - Ordinary shares        750,000    300,000    $ 1,050,000    $ (300,000)    $ 750,000
     - Retained earnings        789,590    460,330    $ 1,249,920        $ 851,571
            $ 1,539,590    $ 760,330    $ 2,299,920        $ 1,601,571
    Minority Interest (Non Controlling Interest)                    $ 228,099    $ 228,099
    Total liabilities and shareholder's equity        $ 2,475,790    $ 1,357,930    $ 3,833,720        $ 3,249,670
    Sales        $ 3,700,000    $ 1,906,000    $ 5,606,000        $ 5,606,000
    Cost of sales        - 2,664,000    - 1,439,030    - 4,103,030        $ (4,103,030)
    Gross profit        1,036,000    $ 466,970    $ 1,502,970        $ 1,502,970
    Net income towrads Minority Interest                    $ 47,199    $ 47,199
    Other income        310,875    190,000    $ 500,875    $ (40,000)    $ 460,875
            $ 1,346,875    $ 656,970    $ 2,003,845        $ 2,011,044
    Expenses
     - Amortization expense        112,350    75,600    $ 187,950    $ (8,889)    $ 179,061
     - Interest expense        35,000    20,000    $ 55,000    $ (5,000)    $ 50,000
     - Other expenses        721,960    345,840    $ 1,067,800        $ 1,067,800
            $ 869,310    $ 441,440    $ 1,310,750        $ 1,296,861
    Net income before tax        477,565    215,530    $ 693,095        $ 714,183
    Income tax        - 128,900    - 58,200    $ (187,100)        $ (187,100)
    Net income After tax        $ 348,665    $ 157,330    $ 505,995        $ 527,083
    Dividend Paid                        -123900
    Net Income after dividend                        $ 403,183
Workings
    FINANCIAL STATEMENTS 2016
            PARENT        SUBSIDIARY        Student #    1001140794            1    1
    INCOME...