26) The following are preliminary financial statements for Black Co. and Blue Co. for the year ending December 31, 2018, prior to Black's acquisition of Blue Co. Black Co. Blue Co. s 360,000 S 120,000 ined earnings, January 1, 2018 480,000 S 228,000 S 96,000 252,000 Sales (240,000) (132,000) Net income etai Net income (from above) Dividends paid 120,000 (36,000) 96,000 0 Current assets Land Building (net) Total assets Liabilities Retained earnings, December 31, 2018 S 564,000S 348,000 S 360,000 S 120,000 108,000 336,000 120,000 480,000 S 960,000 S 108,000 192,000 96,000 S 564,000 S 132,000 72,000 12,000 Common stock Additional paid-in capital Retained earnings, December 31, 2018564,000348,000 S 960,000 S 564,000 Total liabilities and stockholders' equity On December 31, 2018 (subsequent to the preceding statements), Black exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Blue. Black's stock on that date has a fair value of $50 per share. Black was willing to issue 10,000 shares of stock because Blue's land was appraised at $204,000. Black also paid $14,000 to attorneys and accountants who assisted in creating this combination. Required: Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 2018