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Show the Calculation please Power Company purchased 90% of the common stock of Sedco,...

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Show the Calculation please

Power Company purchased 90% of the common stock of Sedco, Inc. on January 1, 2019, for $85,000. Sedco Inc had capital stock of $70,000 and retained earnings of $12,000 at that time. Trial balances at the end of 2019 for the companies were: Power Co. Sedco Inc Cash $15,000 $20,000 Accounts Receivable 20,000 30,000 Inventory, 1/1 18,000 8,000 Advance to Sedco Company 8,000 Purchases 80,000 20,000 Other Expenses 20,000 16,000 Plant Assets 67,800 50,000 Dividends Declared 10,000 12,000 Investment in Sedco Co. 85,000 Total Debits $ 313,800 $ 156,000 Accounts Payable 13,000 6,000 Other Liabilities 30,000 Advances from Power Company 8,000 Common Stock, $5 par 100,000 70,000 Retained Earnings, 1/1 50,000 30,000 Sales 120,000 42,000 Dividend Income 10,800 Total Credits $ 313,800 $ 156,000 Inventory 31/12 $40,000 $15,000 ---- Required: Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2019. Show all necessary calculation and recommended to use excel format. Show all necessary computations. Hint: Exclude dividend income. Approximate decimals if any

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