*Adjusted for

rounding error.

Interest Rate



Principal Reduction

$40,000 40,000

$34,293 37,039

The balance sheet for the companies on December 31, 20X2, was as follows:


Assets Company

Accounts receivable $ 72,000

Bond interest receivable 1,500

Minimum lease payments receivable 80,000

Unearned interest income (2,961)

Inventory 86,000

Other current assets 60,236

Investment in Solid Company 344,000

Investment in Solid bonds 59,225

Land 60,000

Buildings and equipment 300,000

Accumulated depreciation (100,000)

Equipment under capital lease

Accumulated depreciated equipment under lease

Total $960,000

Solid Company

80,000 183,668



Liabilities and Equity Company

Accounts payable $ 78,000

Bond interest payable

Lease interest payable

Other current liabilities 57,000

Lease obligation payable

Bonds payable 150,000

Premium on bonds

Common stock—Press 200,000

Other paid-in capital—Press 150,000

Retained earnings—Press 325,000

Common stock—Solid

Other paid-in capital—Solid

Retained earnings—Solid

Total $960,000

Solid Company

100,000 70,000 130,000


Complete the worksheet for a consolidated balance sheet as of December 31, 20X2. Round all computations to the nearest dollar.


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