Pillow Company purchased 90% of the common stock of Satin Company on May 1, 2021, for a cash payment of $474,000. December 31, trial balances for Pillow and Satin were:

Satin Company declared a $60,000 cash dividend on December 20, 2021, payable on January 10, 2022, to stockholders of record on December 31, 2021. Pillow Company recognized the dividend on its declaration date. Any difference between book value and the value implied by the purchase price relates to subsidiary land, included in property and equipment. Income is earned evenly throughout the year.

Required:
Prepare a consolidated statements workpaper at December 31, 2021.

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Current Assets Treasury Stock at Cost, 500 shares Investment in Satin Company Property and Equipment Cost of Goods Sold Other Expenses Dividends Declared Total Accounts and Notes Payable Dividends Payable Capital Stock, $10 par value Other Contributed Capital Retained Earnings Sales Equity in Subsidiary Income Total Pillow $ 390,600 510,000 1,334,000 1,261,000 484,000 $3,979,600 $ 270,240 1,000,000 364,000 315,360 1,940,000 90,000 $3,979,600 Satin $ 179,200 32,000 -0- 562,000 584,000 242,000 60,000 $1,659,200 $ 124,000 60,000 200,000 90,000 209,200 976,000 $1,659,200