The accounts of Pyle Company and its subsidiary, Stern Company, are summarized below as of December :
tableDebitsPyle,SternCurrent Assets,$$
Pyle Company made the following openmarket purchase and sale of Stern Company common stock: January purchased shares, cost $; April sold shares, proceeds, $
The book value of Stern Company's net assets on January $including retained earnings of $ approximated the fair value of those net assets. Subsequent changes in book value of the net assets are entirely attributable to earnings of Stern Company. Stern Company earns its income evenly throughout the year.
Required:
Prepare a consolidated financial statements workpaper as of December Begin the income statement section of the workpaper with "Net Income Before Dividend Income" which is $ and $ for Pyle Company and Stern Company, respectively.
The accounts of Pyle Company and its subsidiary, Stern Company, are summarized below as of December :
tableDebitsPyle,SternCurrent Assets,$$
