10 points eEuok Print References sauna Help Plaza Corporation purchased 70 percent ofsquare Company's voting common stock on January 1, 20x5, for $291,900. On that date, the noncontrolllng interest had a fair value of $125,100 and the book value of Square's net assets was $381,000. The book values and falr 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. PLAZA CORPORATION AND SQUARE COMPANY Trial Balance Data December 31, 20x9 Plaza Corgoration " Sguare conganz Item Debit. Credit Debit: Credit Cash and Receivables $ 95,300 $ 99,000 Inventory 215,000 124,000 Land, Buildings, 5 Equipment (net) 290,000 27u,noo Investment in Square Company 317,152 Cost: Of Goods & Services 192,005 142,000 Depreciation Expense 26,00u 16,000 Dividends Declared 21,000 6,000 Sales E Service Revenue 5 309,000 $209,000 Income from Square Company 49,352 Accounts Payable 60,000 28,000 Common Stock 187,000 151,000 Retained Earnings 551,100 269,000 Total $1,156,452 $1,156,452 $657,000 $657,000 On January 1, 20x9, Plaza's inventory contained $46,000 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 20X8 inventories to unrelated companies in 20x9. During 20X9, Square sold inventory costing $56,000 to Plaza for $81,000. Plaza held all inventory purchased from Square during 20x9 on December 31, 20x9, Also during 20x9. Plaza sold goods costing $70,800 to Square for $118,000. Square continues to hold $40,120 of its purchase from Plaza on December 31, ZOXQ, Assume Plaza uses the fully adjusted equity method. Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account eld.) Save 8. Exit Submit unread, Welcome t... PHREESIA PAYME... M Question Mode: Fi... Week 6 Weekly Problems i Saved Help Save & Exit Submit Check my work 2 Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 10 points view transaction list eBook Consolidation Print Worksheet Entries References C D Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit 1 Common stock + Retained earnings 269,000 NCI in NI of Square Company Investment in Square Company NCI in NA of Square Company Dividends declared Mc GrawCheck my work 2 Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 10 points view transaction list eBook Consolidation Worksheet Entries Print References