[raftus]

Cost method consolidated statements. The trial balances of Chango Company and its subsidiary, Lhasa Inc are as followson Dec 31 20x3

chango lhasa
Current assets 530,000 130,000
Deprecialbe fixed assets 1,805,000 440,000
Accum depr (405,000) (70,000)
Investment in lhasa 460,000
Liabilities (900,000) (225,000)
Common stock 1 (220,000)
Common stock 5 (50,000)


Pic excess of par (1,040,000) (15,000)
Retained earnings (230,000) (170,000)
Revenues (460,000) (210,000)
Expenses 450,000 170,000
Dividends declared 10,000

On Jan 1 20X1 Chango company exchanges 20,000 shares of its common stock, with a fair value of $23 share.
For all the outstanding stock of Lhasa, Inc on the purchase date is a follows

Common stock ($5par)
Paid-in Capital in excess of par 50000
Retained earnings 15000
Total equity 135000
200000

Prepare a determination and distribution of excess schedule for the investment
Perpare the 20X3 consolidated statement, including the income statement, retained earnings statement, and balance sheet