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Check my w At December 31,204, Split holds $42,000 of inventory purchased from Pea,...

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Accounting

Check my w
At December 31,204, Split holds $42,000 of inventory purchased from Pea, and Pea holds $26,000 of inventory purchased from Split. Split and Pea sell inventory to each other at cost plus markups of 30 percent and 40 percent, respectively. Assume total sales from Pea to Split were $100,000 and from Split to Pea were $50,000.
Required:
a. Prepare all consolidation entries needed on December 31,204, to complete a consolidated balance sheet worksheet. Assume Split earned $74,476 and paid $10,000 in dividends during the year.
b. Prepare a consolidated balance sheet worksheet.
c. Prepare a consolidated balance sheet in good form.
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