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e. Prepare the consolidation worksheet for the period ended December 31, 2021. Use the (picture format) template provided below. (20 POINTS) Accounts PRIYA CORPORATION Consolidation Worksheet For the Period Ending December 31, 2021 PRIYA'S GL SHELDON'S G CONSOLIDATION ENTRIES Debit Credit Consolidated Totals Income Statement Sales Less Cost of Goods Sold Lev Depreciation Expense, Building Less Depreciation Expense, Equipment S 760800 692,000 (342,000) (211,000 $ (58,600 $ (18,600) $ (41,300 $ (24,300 Less Selling & Administrative Expense Income from Sheldon Corp. $ (159,000 $ (119,600 $ 318,100 Net Income 478.000 318,100 Statement of Retained Earning I Retained Earnings (01/01/2021) 5 788,500 235,000 Net income (above) $ 478,000 5 318,100 Dividends Declared 160,000 $ 40,000) Retained earnings, 12/31/21 1,206,500 S 513100 Balance Sheet Cash $ 751,800 $ 318.700 Accounts Receivable $ 294,000 $ 197,000 Inventory $ 471,000 $ 210,000 Investment in Sheldan Corp 1,241,100 Buildings 5 625,000 292,500 Land $ 807,000 S 291,000 Equipment 5 315,000 5 345,000 Accumulated Depreciation, Bldg $ (241,400) $ 55,800 Accumulated Depreciation, Equip $ (156.2001 3 (14.100 Total Assets 1$ 4.109,300 $ 1524,300 Accounts Payable $ 178,000 $ 172,800 Bonds Payable $ 540,000 S 108,400 Common Stock ($3 par) $ 659,000 $ 315.000 Additional Paid in Capital $ 1,525,800 $ 415.000 Retained earnings, 12/11/21 (above) $ 1,206,500 $ $13,100 Total Liabilities & Stockholders' Equity S 4,109,300 S 1.524.300 NET ASSETS ASSETS LIABILITIES TOTAL STOCKHOLDERS EQUITY A DEBIT TO INCOME FROM SHELDON CORP. IN THE AMOUNT OF: 146200 A A DEBIT TO RETAINED EARNINGS (01/01/2021) IN THE AMOUNT OF: 159000 A CREDIT TO DIVIDENDS DECLARED IN THE AMOUNT OF: 40000 A/ A CREDIT TO INVESTMENT IN SHELDON CORP. IN THE AMOUNT OF: 886200 A DEBIT TO COMMON STOCK ($1 PAR) IN THE AMOUNT OF: Q L A DEBIT TO ADDITIONAL PAID IN CAPITAL IN THE AMOUNT OF: 348000 A/ CONSOLIDATED INCOME FROM SHELDON SHOULD BE REPORTED IN THE AMOUNT OF: 318100 CONSOLIDATED NET INCOME ON THE INCOME STATEMENT SHOULD BE REPORTED IN THE AMOUNT OF: 788500 CONSOLIDATED RETAINED EARNINGS, (01/01/2021) SHOULD BE REPORTED IN THE AMOUNT OF: 788500 CONSOLIDATED NET INCOME IN THE STATEMENT OF RETAINED EARNINGS SHOULD BE REPORTED IN THE AMOUNT OF 3:36 PM 4/6/2022 CONSOLIDATED NET INCOME IN THE STATEMENT OF RETAINED EARNINGS SHOULD BE REPORTED IN THE AMOUNT OF A/ CONSOLIDATED DIVIDENDS IN THE STATEMENT OF RETAINED EARNINGS SHOULD BE REPORTED IN THE AMOUNT OF: CONSOLIDATED RETAINED EARNINGS, (12/31/21) IN THE STATEMENT OF RETAINED EARNINGS SHOULD BE REPORTED IN THE AMOUNT OF A CONSOLIDATED INVESTMENT IN SHELDON CORP. SHOULD BE REPORTED IN THE AMOUNT OF: CONSOLIDATED TOTAL ASSETS SHOULD BE REPORTED IN THE AMOUNT OF: 6 O 3:36 PM 4/6/2022 CONSOLIDATED TOTAL ASSETS SHOULD BE REPORTED IN THE AMOUNT OF: CONSOLIDATED COMMON STOCK ($1 PAR) SHOULD BE REPORTED IN THE AMOUNT OF: CONSOLIDATED ADDITIONAL PAID IN CAPITAL SHOULD BE REPORTED IN THE AMOUNT OF: CONSOLIDATED RETAINED EARNINGS, (12/31/21) AS PRESENTED IN THE BALANCE SHEET SHOULD BE REPORTED IN THE AMOUNT OF: CONSOLIDATED TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY SHOULD BE REPORTED IN THE AMOUNT OF: 3:36 PM 4/6/2022 AS SHOWN BELOW THE WORKSHEET, UNDER PRIYA'S G/L: NET ASSETS (ASSETS LIABILITIES) SHOULD BE SHOWN IN THE AMOUNT OF: 3163200 AS SHOWN BELOW THE WORKSHEET: UNDER PRIYA'S G/L: NET ASSETS (STOCKHOLDERS' EQUITY) SHOULD BE SHOWN IN THE AMOUNT OF: 3163200 A/ AS SHOWN BELOW THE WORKSHEET UNDER CONSOLIDATED TOTALS: NET ASSETS (ASSETS LIABILITIES) SHOULD BE SHOWN IN THE AMOUNT OF: 3163200 AS SHOWN BELOW THE WORKSHEET UNDER CONSOLIDATED TOTALS: NET ASSETS (STOCKHOLDERS' EQUITY) SHOULD BE SHOWN IN THE AMOUNT OF: 3163200 3:36 PM 4/6/2022

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