Fred Corporation owns 75 percent of Winner Company's voting shares,acquired on March 21,2005,at book value.At that date,the fair value of the noncontrolling interest was equal to 25 percent of the book value of Winner Company.The companies' permanent accounts on December 31,2008,contained the following balances:
On January 1,2004,Fred paid $150,000 for equipment with a 10-year expected total economic life.The equipment was depreciated on a straight-line basis with no residual value.Winner purchased the equipment from Fred on December 31,2006,for $140,000.Winner sold land it had purchased for $75,000 on February 18,2004,to Fred for $60,000 on October 10,2007.
Required: Prepare a consolidated balance sheet workpaper in good form as of December 31,2008.

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The Answer of Fred Corporation owns 75 percent of Winner Company's voting shares,acquired on March 21,2005,at book value.At that date,the fair value of the noncontrolling interest was equal to 25 percent of the book value of Winner Company.The companies' permanent accounts on December 31,2008,contained the following balances:
On January 1,2004,Fred paid $150,000 for equipment with a 10-year expected total economic life.The equipment was depreciated on a straight-line basis with no residual value.Winner purchased the equipment from Fred on December 31,2006,for $140,000.Winner sold land it had purchased for $75,000 on February 18,2004,to Fred for $60,000 on October 10,2007.
Required: Prepare a consolidated balance sheet workpaper in good form as of December 31,2008.

Fred Corporation Owns 75 Percent of Winner Company's Voting Shares,acquired