On January 1, 2015, the Herco Company purchased 70% of the outstanding

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On January 1, 2015, the Herco Company purchased 70% of the outstanding voting share of the Wing Company for $ 850,000 in cash. On that date, the Wing Company had retained earnings of $ 400,000 and common shares of $ 500,000. On the acquisition date, the identifiable assets and liabilities of the Wing Company had fair values that were equal to their carrying values except for the building, which had a fair value 200,000 greater that its carrying value, and long term liabilities which had fair values that were $ 100,000 great than their carrying values. The building had a remaining useful life of ten years on January 1, 2015 and the long term liabilities mature on December 31, 2021. Both companies use the straight line method to calculate all depreciation and amortization. The trial balances of the Herco Company and Wing Company on December 31, 2019 are contained on the attached excel sheet.Trial Balance Consolidation Adjustments December 31, 2019. Herco Herco Wing Wing Debit Credit Debit Credit Debit CreditAssetsCash 50,000 10,000Accounts receivable 220,000 100,000Account receivable, Wing 80,0000Inventories 2,700,000 520,000Equipment (net) 6,150,000 2,500,000Buildings (net) 2,600,000 500,000Investment in Bond 250,000Investment in Wing(cost) 850,000Liabilities and EquityAccounts payable 280,000 170,000Account payable, Wing 20,0000Long term liabilities 4,000,000 600,000Bond payable 500,000Common shares 3,000,000 500,000Retained earnings, beginning of year 4,500,000 1,600,000Dividends declared and paid in year 200,000 20,000Revene and ExpensesSales revenue 3,500,000 900,000Other revenue 300,000 30,000Cost of goods sold 2,000,000 400,000Depreciation expense 300,000 100,000Other expenses 200,000 150,000 15,600,000 15,600,000 4,300,000 4,300,000

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