Worksheet for Chapter 6 problem 44

P06-44_Template
    ACC 370
    Worksheet for Chapter 6 Problem 44
        INCOME STATEMENT    Pavin        Stabler        DR        CR        Consolidated
        Revenues    (740,000)        (505,000)        100,000    TI            (1,145,000)
        Cost of goods sold    455,000        240,000        2,000    G    100,000    TI    597,000
        Expenses    125,000        158,500        5,000    E            288,500
        Interest expense - bonds payable    36,000        - 0                18,000    B    18,000
        Interest income - bond investment    - 0        (16,500)        16,500    B            - 0
        Loss on extinguishment of bonds    - 0        - 0        4,500    B            4,500
        Equity in Stabler's Income    (123,000)        - 0        123,000    I            - 0
        Net income    (247,000)        (123,000)                        (237,000)
        STATEMENT OF RETAINED EARNINGS    Pavin        Stabler        DR        CR        Consolidated
        Retained earnings, 1/1/21    (345,000)        (361,000)        15,000    *C
                            361,000    S            (330,000)
        Net income    (247,000)        (123,000)                        (237,000)
        Dividends paid    155,000        61,000                61,000    D    155,000
        Retained earnings, 12/31/21    (437,000)        (423,000)                        (412,000)
        BALANCE...