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Balance Sheets
December 31, 20X6
Peony
Ltd.
Aster
Assets:
Cash
mce_markernbsp; 62,500
mce_markernbsp; 25,000
Accounts receivable
187,500
200,000
Inventories
225,000
125,000
Equipment
6,250,000
3,375,000
Accumulated amortization
(2,212,500)
(1,550,000)
Investment in Aster Ltd.
1,000,000
-
Other investments
____-____
Total assets
$5,637,500
$2,175,000
Liabilities and Shareholders' Equity
Accounts payable
mce_markernbsp; 562,500
mce_markernbsp; 250,000
Bonds payable
375,000
625,000
Total liabilities
937,500
875,000
Common shares
1,500,000
Retained earnings
3,200,000
925,000
Total shareholders' equity
4,700,000
1,300,000
Total liabilities and shareholders' equity
Income Statements
Year Ended December 31, 20X6
Sales revenue
$2,500,000
$1,875,000
Royalty revenue
Dividend income
93,750
Total revenue
2,781,250
1,875,000
Cost of sales
1,125,000
Other expenses
700,000
513,750
Total expenses
2,200,000
1,638,750
Net income
mce_markernbsp; 581,250
mce_markernbsp; 236,250
Statements of Retained Earnings
Retained earnings, beginning of year
$2,993,750
$ 801,250
581,250
236,250
Dividends declared
(375,000)
(112,500)
Retained earnings, end of year
$3,200,000
$ 925,000
Required: Prepare the consolidated financial statements for Peony at December 31, 20X6 using the direct method. Show all your work.
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