On January 2, 2014, Press Company purchased on the open market 90% of the outstanding common stock of Sensor Company for $800,000 cash. Balance sheets for Press Company and Sensor Company on January 1, 2014, just before the stock acquisition by Press Company, were:

The full implied value of Sensor Company is to be "pushed down" and recorded in Sensor Company's books. The excess of the implied fair value over the book value of net assets acquired is allocated as follows: To equipment, 30%; to land, 20%; to patents, 50%.
Required:
A. Prepare the entry on Sensor Company's books on January 2, 2014, to record the values implied by the 90% stock purchase by Press Company.
B. Prepare a consolidated balance sheet workpaper on January 1, 2014.

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Press Company Cash Receivables Inventory Building (net) Equipment (net) Land Patents $1,065,000 422,500 216,500 465,000 229,000 188,000 167,500 $2,753,500 Sensor Company $ 38,000 76,000 124,000 322,000 185,000 100,000 88,000 $933,000 Total assets Liabilities Common stock Other contributed capital Retained earnings $667,000 700,000 846,000 540,500 $249,000 164,000 220,000 $933.000 Total equities