The trial balance for the parent and subsidiary follow:
T-Mobile US Clouds
Revenues 8,400,000 2,400,000
Cost of goods sold 7,200,000 1,850,000
Depreciation expense 26,000 30,000
Amortization expense 1,200,000 456,000
Dividend income 80,000 -
Net income 54,000 64,000
Retained earnings 1/1/18 10,950,000 870,000
Net income 54,000 64,000
Dividend declared 50,000 80,000
Retaining earnings 12/31/18 10,954,000 854,000
Current assets 5,359,000 789,000
Investments in Clouds, Inc. 4,570,000 -
Equipment (net) 980,000 277,000
Trademark 965,000 756,000
Chip technology - 45,000
Goodwill 690,000 -
Total assets 12,564,000 1,867,000
Liabilities 765,000 113,000
Common stock 635,000 50,000
Additional paid-in capital 210,000 850,000
Retained earnings 12/31/18 10,954,000 854,000
Total liabilities and equity 12,564,000 1,867,000
User_25338 | Dec 08, 2019, 03:39 AM