(Solution) - Refer to the information in P5 4 Now assume it is -(2025 Original AI-Free Solution)

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Refer to the information in P5.4. Now assume it is December 31,2014, two years after the acquisition. The trial balances of Paxon and Saxon at December 31,2014, appear below:

Required
a. Prepare a schedule computing equity in net income of Saxon for 2014, reported on Paxon's books, and the noncontrolling interest in income for 2014, to be reported on the consolidated income statement for 2014.
b. Prepare a working paper to consolidate the trial balances of Paxon and Saxon at December 31,2014.