Power Company owns 90 percent of Pleasantdale Dairys stock. The balance sheets of the two companies immediately

Power Company owns 90 percent of Pleasantdale Dairy’s stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts:

The fair value of the noncontrolling interest at the date of acquisition was determined to be $30,000. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $8,000 plus $900 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.

Required
Prepare and complete a consolidated balance sheetworksheet.

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Pleasantdale Dairy Power Cash & Receivables Inventory Land Buildings & Equipment (net) Investment in Pleasantdale Stock Total Assets Company $ 130,000 210,000 70,000 390,000 270,000 $1,070,000 S 70,000 90,000 40,000 220,000 Current Payables Long-Term Liabilities Common Stock Retained Earnings $ 80,000 200,000 400,000 390,000 $420,000 S 40,000 100,000 60,000 220,000 Total Liabilities & Stockholders' Equity $1,00,000 $420,000