prepare the consolidation spreadsheet for the year ended december 31, 2019. use negative signs with answers in the consolidated column for cost of goods sold, operating expenses and dividends. elimination entries income statement: parent sub dr cr consolidated sales $4,800,000 $720,000 answer 5,520,000 cost of goods sold (3,480,000) (420,000) answer (3,900,000) gross profit 1,320,000 300,000 answer 1,620,000 income (loss) from subsidiary 74,400 [c] answer 74,400 answer 0 operating expenses (1,094,400) (216,000) [d] answer 13,200 answer 3,600 [idepr] answer (1,320,000) net income $300,000 $84,000 answer 300,000 statement of retained earnings: boy retained earnings $2,268,000 $168,000 [e] answer 90,000 answer 2,346,000 net income 300,000 84,000 answer 300,000 dividends (168,000) (12,000) answer 12,000 [c] answer (168,000) eoy retained earnings $2,400,000 $240,000 answer 2,478,000 balance sheet: assets cash $330,000 $192,000 answer 522,000 accounts receivable 420,000 258,000 answer 678,000 inventory 780,000 330,000 answer 1,110,000 ppe, net 3,030,000 618,000 [igain] answer 12,000 answer 30,000 [igain] answer 3,633,600 [idepr] answer 3,600 customer list [a] answer 79,200 answer 13,200 [d] answer 66,000 goodwill [a] answer 90,000 answer 90,000 equity investment 540,000 [igain] answer 18,000 answer 62,400 [c] answer 0 answer 326,400 [e] answer 169,200 [a] $5,100,000 $1,398,000 answer 6,099,600 liabilities and stockholders’ equity accounts payable $390,000 $99,600 answer 489,600 other currentliabilities 480,000 120,000 answer 600,000 long-term liabilities 900,000 780,000 answer 1,680,000 common stock 330,000 68,400 [e] answer 68,400 answer 330,000 apic 600,000 90,000 [e] answer 168,000 answer 522,000 retained earnings 2,400,000 240,000 answer 2,478,000 $5,100,000 $1,398,000 answer 616,800 answer 616,800 answer 6,099,600