On January 1, 20X1, Porter Company Purchased 80% of the Common

On January 1, 20X1, Porter Company purchased 80% of the common stock of Singer Company for $372,000. On this date Singer had total owners' equity of $440,000. Any excess of cost over book value is due to goodwill. Porter accounts for its investment in Singer using the simple equity method.
On January 1, 20X3, Porter held merchandise acquired from Singer for $40,000. During 20X3, Singer sold merchandise to Porter for $120,000, of which $10,000 is held by Porter on December 31, 20X3. Singer's usual gross profit on affiliated sales is 40%.
On December 31, 20X3, Porter still owes Singer $5,000 for merchandise acquired in December.
On December 31, 20X1, Porter sold $100,000 par value of 10%, 10-year bonds for $102,000. Porter uses the straight-line method of amortization for the premium. The bonds pay interest semi-annually on June 30 and December 31.
On December 31, 20X2, Singer repurchased $50,000 par value of the bonds, paying $49,100. Singer uses the straight-line method of amortization for the discount. The bonds are still held on December 31, 20X3.
Required:
Complete the Figure 5-14 worksheet for consolidated financial statements for the year ended December 31, 20X3. Round all computations to the nearest dollar.