Assignment 1 CL02 Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2019, for $400,000. Trial balances at the end of 2019 for the companies were: Place Shaw Cash $80,350 $87,000 Accounts and Notes Receivable 200,000 210,000 Inventory, 1/1/2019 70,000 50,000 Purchases 240,000 150,000 Selling and Other Expenses 43,000 33,000 Plant Assets 300,000 200,000 Dividends Declared 35,000 22.000 Investment in Shaw Inc. 400,000 Total Debits $ 1,368,350 $ 752,000 Accounts and Notes Payable 99,110 38,000 Other Liabilities 45,000 15,000 Common Stock, $10 par 150,000 100,000 Other Contributed Capital 279,000 149,000 Retained Earnings, 1/1/2019 225,000 170,000 Sales 550,000 280,000 Dividend Income 20,240 Total Credits S 1,368,350 $ 752,000 Inventory balances on December 31, 2019 were $25,000 for Place and $15,000 for Shaw Inc. Shaw's accounts and notes payable contain a $15,000 note payable to Place Company. Hint: Exclude dividend income. Approximate decimals if any! Required: Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2019. Show all necessary calculation and recommended to use excel format