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  3. parent company p owns 80% of subsidiary s. the fol

Parent Company P owns 80% of Subsidiary S. The following balances are provided:AccountParent PSubsidiary SAssets$1,000,000$300,000Liabilities$400,000$100,000Equity$600,000$200,000Requirements:(a)...

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Question

Accounting

Parent Company P owns 80% of Subsidiary S. The following balances are provided:

Account

Parent P

Subsidiary S

Assets

$1,000,000

$300,000

Liabilities

$400,000

$100,000

Equity

$600,000

$200,000

Requirements:

(a) Prepare the consolidated balance sheet. (b) Calculate the non-controlling interest. (c) Determine the impact of intercompany transactions. (d) Discuss the principles of consolidation.

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