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The December 31, 2012, trial balances for Python Corporation and its subsidiary Shark are listed below

2. The December 31, 2012, trial balances for Python Corporation and its subsidiary Shark are listed below. Python Corporation Shark Company Debit Credit Debit Credit Cash $ 30,000 $ 8,000 Receivables (net) 13,000 12,000 Inventory, 1/1 12,000 10,000 Investment in S 150,000 Plant and equipment (net) 250,000 195,000 Land 100,000 80,000 Accounts payable $ 30,000 $ 10,000 Other liabilities 85,000 100,000 Common stock ($10 par) 250,000 100,000 Retained earnings, 1/1 168,000 84,000 Dividends declared 15,000 20,000 Sales 131,000 91,000 Dividend income 16,000 Purchases 60,000 30,000 Other expenses 50,000 30,000 $680.000 $680.000 $385.000 $385.000 Inventory, 12/31 $15,000 $12,000 A. Prepare the journal entries found on Python's books for 2012 To record P's share of S's dividends B. Prepare the workpaper entries for 2012 To establish reciprocity (convert to equity) To eliminate P's share of S's equity To allocate the difference between implied and book value to LAND To eliminate P's share of S's dividends 2. The December 31, 2012, trial balances for Python Corporation and its subsidiary Shark are listed below. Python Corporation Shark Company Debit Credit Debit Credit Cash $ 30,000 $ 8,000 Receivables (net) 13,000 12,000 Inventory, 1/1 12,000 10,000 Investment in S 150,000 Plant and equipment (net) 250,000 195,000 Land 100,000 80,000 Accounts payable $ 30,000 $ 10,000 Other liabilities 85,000 100,000 Common stock ($10 par) 250,000 100,000 Retained earnings, 1/1 168,000 84,000 Dividends declared 15,000 20,000 Sales 131,000 91,000 Dividend income 16,000 Purchases 60,000 30,000 Other expenses 50,000 30,000 $680.000 $680.000 $385.000 $385.000 Inventory, 12/31 $15,000 $12,000 A. Prepare the journal entries found on Python's books for 2012 To record P's share of S's dividends B. Prepare the workpaper entries for 2012 To establish reciprocity (convert to equity) To eliminate P's share of S's equity To allocate the difference between implied and book value to LAND To eliminate P's share of S's dividends

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