1. Prepare a consolidation worksheet as of December 31, 20X9.

Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1,205, for $296,800. On that date, the noncontrolling interest had a fair value of $127,200 and the book value of Square's net assets was $388,000. The book values and fair values of Square's assets and liabilities were equal except for land that had a fair value $14,000 higher than book value. The amount attributed to goodwill as a result of the acquisition is not amortized and has not been impaired. On January 1, 20X9, Plaza's inventory contained $38,000 of unrealized intercompany profits recorded by Square. Square's inventory on that date contained $15,000 of unrealized intercompany profits recorded on Plaza's books. Both companies sold their ending 208 inventories to unrelated companies in 209. During 209, Square sold inventory costing $49,000 to Plaza for $74,000. Plaza held all inventory purchased from Square during 209 on December 31,209. Also during 209, Plaza sold goods costing $62,400 to Square for $104,000. Square continues to hold $35,360 of its purchase from Plaza on December 31,209. Assume Plaza uses the fully adjusted equity method