Pettigrew Holdings Ltd. owns an 80-percent interest in Shortland Inc. Prepare a consolidation work sheet using the information below. Assume that the fair values of Shortland Inc.'s assets and liabilities are equal to their book values.

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Pettigrew Holdings Ltd. Shortland Inc Assets Cash Accounts receivable, net Note receivable from Shortland Inc. Inventory Investment in Shortland Inc. $ 96,000 210,000 60,000 246,000 228,000 720,000 48,000 $1,608,000 36,000 144,000 216,000 Property, plant, and equipment, net Other assets Total Liabilities and Shareholders' Equity Accounts payable Notes pavable Other liabilities Non-controlling interest Common shares Retained earnings Total 312,000 42,000 $750,000 $ 108,000 120,000 204,000 $ 66,000 %,100 324,000 780,000 396,000 $1,608,000 204,000 60,000 $750,000