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Consolidated

Totals

588,000$ (372,000)

-

216,000$

732,000$

216,000

(36,000)

912,000$

480,000$

-

228,000

816,000

-

1,524,000$

240,000

-

-

264,000

108,000

912,000 1,524,000$

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RAND CORP. AND SPAULDING INC.

Consolidation Worksheet -- 2012

Non-

SPAULDING Consolidation Entries controlling

Accounts RAND INC. Debit Credit Interest

Revenues 372,000$ 108,000$Expenses (264,000) (72,000)

Equity in subsidiary earnings 25,000 -

Net income 133,000$ 36,000$

Retained earnings, 1/1/12 765,000$ 102,000$

Net income 133,000 36,000

Dividends paid (84,000) (24,000)

Retained earnings, 12/31/12 814,000$ 114,000$

Current assets 150,000$ 22,000$

Investment in Spaulding 242,000 -

Buildings (net) 525,000 85,000

Equipment (net) 389,250 129,000

- -

Total assets 1,306,250$ 236,000$

Liabilities 82,250 50,000

Common stock 360,000 72,000

Additional paid-in capital 50,000

Retained earnings, 12/31/06 814,000 114,000Total liabilities and equity 1,306,250$ 236,000$

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Consolidated

Totals

480,000$ (336,000)

25,000

169,000$

867,000$

(108,000)

759,000$

172,000$

242,000

610,000

518,250

-

1,542,250$

132,250

-

-

432,000

50,000

614,250$