The following balance sheets have been prepared on December 31, 2016 for Clarke Corp. and Jensen Inc.
Balance Sheets
Additional Information:
Clarke uses the cost method to account for its 50% interest in Jensen, which it acquired on January 1, 2013. On that date, Jensen's retained earnings were $20,000. The acquisition differential was fully amortized by the end of 2016.
Clarke sold Land to Jensen during 2015 and recorded a $15,000 gain on the sale. Clarke is still using this Land. Clarke's December 31, 2016 inventory contained a profit of $10,000 recorded by Jensen.
Jensen borrowed $20,000 from Clarke during 2016 interest-free. Jensen has not yet repaid any of its debt to Clarke.
Both companies are subject to a tax rate of 20%.

\begin{array}{|l|l|l|} \hline& \text { Clarke } & \text { Jensen } \\\hline & & \\\hline \text { Cash } & \$ 30,000 & \$ 20,000 \\\hline \text { Imwentory } & \$ 70,000 & \$ 30,000 \\\hline\\\hline \text { Accounts Receivable } & \$ 180,000 & \$ 70,000 \\\hline \text { Imvestment in Jensen } & \$ 200,000 & \\\hline \text { Fixed Assets } & \$ 500,000 & \$ 90,000 \\\hline \text { Accumulated Depreciation } & \$ 280,000) & (\$ 30,000) \\\hline \text { Total Assets } & \$ 700,000 & \$ \mathbf{1 8 0 , 0 0 0} \\\hline \text { Current Liabilities } & \$ 120,000 & \$ 60,000 \\\hline \text { Long-Term Debt } & \$ 400,000 & \$ 20,000 \\\hline \text { Common Shares } & \$ 90,000 & \$ 40,000 \\\hline \text { Retained Earnings } & \$ 90,000 & \$ 60,000 \\\hline \text { Liabifities and Equity } & \$ 700,000 & \$ 180,000 \\\hline\end{array}

-Prepare a Consolidated Balance Sheet for Clarke on December 31, 2016 assuming that Clarke's Investment in Jensen is a joint venture investment and is reported using proportionate consolidation.

Assume That the Facts Provided Above with Respect to the Jinxtor

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