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Part III: Complete the consolidation worksheet. Enter the necessary 12/31/2018 consolidation entries. Label your entries (S,A,I,D,E)...

Part III: Complete the consolidation worksheet. Enter the necessary 12/31/2018 consolidation entries. Label your entries (S,A,I,D,E) in narrow column beside entries. Enter formulas in the consolidation total column to complete the worksheet.

Statement of Retained Earnings
Retained Earnings 1/1 (838,000) (200,000)
Net Income (above) (418,000) (150,000)
Dividends Declared 120,000 80,000
Retained Earnings 12/31 (1,136,000) (270,000)
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Answer #1
31/12/2018 31/12/2018 Consolidated entries 31/12/2018
Company (1)($) Company(2)($) Debit($) Credit($) Consolidated($)
Statement of retained earnings
Retained earninfs 01/01/2018 838000 200000 - - 1038000
Net Income 418000 150000 - - 568000
Dividend Declared -120000 -80000 - - -200000
Retained Earnings 31/12/2018 1136000 270000 - - 1406000

Since there is no adjustements are given in the question hence no need to entries to be incorportaed except the amount of net income transfer to holding company by 100% subsidiary company(Assumed)

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