Advanced Accounting, Comprehensive problem

1) Prepare the Distribution and Distribution of Excess schedule

2) Make all of the entries pertaining to eliminating the Investment in Sub's Common Stock

3) Make all of the entries pertaining to intercompany sales and inventories

4) Make all of the entries pertaining to intercompany accounts receivable and accounts payable

5) Make all of the entries pertaining to intercompany bonds and interest

6) Make all of the entries pertaining to intercompany sales of equipment

7) Make all of the entries pertaining to intercompany leases

8) Make all of the entries pertaining to intercompany Preferred Stock

9) From your worksheet, AFTER you have done all of the eliminations, prepare an income statement right here and show all calculations (example - if you have three Depreciation Expenses from your worksheet, then it would look like this, "Depreciation Expense $103,300" then out beside the total of $103,300 you would show me where that total came from (52,000 + 29,000 + 22,000)

Sales
COGS
Gross Profit
Operating Expenses
Depreciation Expense
Interest Expense
Other Expenses
Interest Income
Other Income
Net Income

10) Now show me your DETAILED calculations as to how the Consolidated Net Income will be allocated between NCI and the Controlling Interest. Feel free to write any comments and explanations regarding your calculations but clear so I know what you are doing and your thought process.

11) Complete the columns for NCI, Controlling Retained Earnings and the Consolidated Balance Sheet which will include Total NCI, make sure Assets = Liabilities + Equity