Elimination Entries

Lofton Co Temple Co Consolidation

Dr Cr
Balance Sheet
Cash & Receivable 101000 20000 121000
Inventory 80000 40000 120000
Land 150000 90000 10000 250000
Building&Equipment 400000 300000 9000 27000 709000
-/- Acc.Depre -135000 -85000 3000 153000 -244000
Investment in Temple Co 141000 18000 6000 0

Total Assets 737000 365000 40000 186000 956000

Account Payable 90000 25000 115000

Notes Payable 200000 90000 290000
C/S 100000 200000 200000 100000
RE 347000 50000 50000 3000 347000
3000
NCI in NA of Temple Co 100000 104000
4000
Total Liability & Equity 737000 365000 253000 107000 956000
 Lofton Company and Subsidiary
Consolidated Balance Sheet
December 31, 20X6

Cash and Accounts Receivable 121000 Cash and Accounts Receivable

Inventory 120000 Inventory
Land 250000 Land
Buildings and Equipment 709000 Buildings and Equipment
Less: Accumulated Depreciation -244000 Investment in Temple

Total Assets 956000 Less: Accumulated Depreciation

Accounts Payable
Accounts Payable 115000 Notes Payable
Notes Payable 290000 C/S
Stockholders’ Equity: RE
Controlling Interest:
C/S 100000
RE 347000
Total Controlling Interest 447000
Noncontrolling interest 104000
Total Stockholders’ Equity 551000
Total Liabilities and Stockholders' Equity 956000
 Lofton Co Temple Co
Accounts Receivable 101000 20000
80000 40000
150000 90000
and Equipment 400000 300000
nt in Temple 141000
872000 450000
umulated Depreciation 135000 85000
90000 25000
200000 90000
100000 200000
347000 50000
872000 450000