accounting assignment needed to be done by 11 30 2013 10 00pm 495004

-90000 -50000 -13220 -1000 2000 40000 20000 6000 2000 24500 8000 -33720 -18000 -24170 -18000 -33720 -18000 10000 4000 -47890 -32000 6400 15000 1500 8200 5000 12000 6000 41000 30000 48340 114240 59200 -6350 -2200 -10000 -4000 -10000 -1000 -40000 -20000 -47890 -32000 -114240 -59200 0 0 Consolidation Working Papers Eliminations Debit Credit INCOME STATEMENT Sales Cost of sales Depreciation exp Other Expenses Net income Add: Net income Dividends BALANCE SHEET Cash Receivables Dividends Rec Inventories TOTAL ASSETS LIAB. & EQUITY Accounts payable Dividend payable Other Debt Capital stock TOTAL LIAB. & EQUITY Turkey with Stuffing Consolidated Group Turkey Stuffing Income from Stuffing Gain on Sale of Plucking Mach Investment in Stuffing Plant/Equipment-net Retained Earnings Retained Earnings 1/1 Retained Earnings 12/31 Db (Cr) Consolidated Loss on Feather Trimming Mach at December 31, 2013 Part 1 THE PROBLEM: (70 Pts)   Thomas, the President of “Thomas’ Turkey Corporation” (Turkey), a fabric material company, gobbled up “The Best Stuffing Company “(Stuffing), a pillow manufacturer, when Turkey paid $33,600 cash for a 70% interest in Stuffing on January 1, 2012, when Stuffing’s stockholders’ equity consisted of $20,000 Capital Stock and $10,000 of Retained Earnings. Stuffing’ s Assets and Liabilities were tailored specifically for this acquisition and had total Fair Market Value differentials as follows at the time of acquisition: Inventory was undervalued by $3,000 and were sold evenly over a three year period starting at the date of acquisition Plant Assets with a 5 yr life were overvalued by $5,000 Trade Marks with a 20 yr life and $6,000 in value were not recorded A mortgage with 10 yrs of remaining payments were overvalued by $1,000 Any remaing difference in Cost vs Book was attributed to Goodwill   Additional information :   1. Turkey sold feathers that cost $6,000 to Stuffing for $8,000 during 2012…