Consolidations: Elimination Worksheet Scroll down to complete all parts of this task The December 31, current year condensed balance sheets of Pym Corp. and its 90% owned subsidiary, Sy Corp., are presented in the worksheet provided on the second tab above. Additional current year information follows. Pym's investment in Sy was purchased for $1,200,000 cash on January 1 and is accounted for by the equity method. On January 1, Sy's retained earnings amounted to $600,000, and its common stock amounted to $200,000. Sy declared a $1,000 cash dividend in December, payable in January of next year. As of December 31, Pym had not recorded any portion of Sy's net income or dividend declaration for the year. Sy borrowed $100,000 from Pym on June 30, with the note maturing on June 30 of next year at 10% interest. Correct accruals have been recorded by both companies. During the year, Pym sold merchandise to Sy at an aggregate invoice price of $300,000, which included a profit of $60,000. On December 31, Sy had not paid Pym for $90,000 of these purchases and 5% of the total merchandise purchased from Pym still remained in Sy's inventory. Pym's excess cost over book value of Pym's investment in Sy has appropriately been identified as goodwill