Prepare a statement of consolidation.

We, the undersigned, hereby declare that the following financial statements have been consolidated in accordance with generally accepted accounting principles:

- Consolidated Balance Sheet as of [date]
- Consolidated Income Statement for the period ended [date]
- Consolidated Statement of Cash Flows for the period ended [date]

These consolidated financial statements represent the financial position and results of operations of [Company Name] and its subsidiaries as a single economic entity. All intercompany transactions and balances have been eliminated in the consolidation process.

We believe that these consolidated financial statements present fairly, in all material respects, the financial position and results of operations of the consolidated entity for the period presented.

[Signature of Chief Financial Officer]
[Date]

Statement of Consolidation

As of December 31, 2023

Elimination of Intercompany Transactions and Balances:

| Account | Parent Company | Subsidiary | Eliminated |
|---|---|---|---|
| Investment in Subsidiary | $1,000,000 | | $1,000,000 |
| Loan Receivable from Subsidiary | 200,000 | | 200,000 |
| Inventory - Purchased from Subsidiary | 150,000 | | 150,000 |
| Accounts Payable to Subsidiary | | 100,000 | 100,000 |
| Revenue from Subsidiary | 500,000 | | 500,000 |
| Expense to Subsidiary | 300,000 | | 300,000 |
| Dividends Received from Subsidiary | 100,000 | | 100,000 |
| Retained Earnings - Beginning Balance | 1,500,000 | 500,000 | |
| Net Income | 200,000 | 100,000 | |

Consolidated Financial Position:

| Account | Consolidated Balance |
|---|---|
| Assets: |
| Cash | $1,000,000 |
| Inventory | 1,500,000 |
| Net Property, Plant, and Equipment | 2,000,000 |
| Investments | 1,500,000 |
| Liabilities: |
| Accounts Payable | 400,000 |
| Loan Payable | 500,000 |
| Deferred Income Taxes | 100,000 |
| Shareholders' Equity: |
| Share Capital | 500,000 |
| Retained Earnings | 2,600,000 |
| Total Equity and Liabilities: | $5,100,000 |

Notes:

- The investment in the subsidiary is eliminated against the parent company's equity in the net assets of the subsidiary.
- Intercompany receivables and payables are eliminated.
- Intercompany revenues and expenses are eliminated to avoid double counting.
- The consolidated net income is the sum of the net incomes of the parent company and its subsidiary.
- The consolidated retained earnings is the sum of the retained earnings of the parent company and its subsidiary, after eliminating intercompany dividends.

Calclute total duty and taxes