Comparative financial statements for Pam and Sam for 2019 are as follows: Eliminations Consolidated Pam Debidad INCOME STATEMENT Sales 210,000 130.000 Income from Sam 34,400 Other expenses Depreciation Expenses Gain on sale of land (110.000K 60,000 40,000K 30,00011 10.000 Net Income Retained Earnings 1/1 Add: Net income Less: Dividends Retained Earnings 12/31 94,400 50,000 145.400 30,000 34.400 50,000 30,000) 209.800 100,000 BALANCE SHEET Current assets Plant assets Accumulated depreciation Investment in Sun Co. 200,000 170,000 550.000 350,000 (120,0003K 70,000) 329,800 $959,800 $450,000 100 TOTAL ASSETS TOTAL ASSETS LIAB & EQUITY Accounts payable Capital Stock Retained Earnings 150,000 50,000 600,000 300,000 209.800 100,000 TOTAL LIAR. & EQUITY050.800 5450,000 Additional information: 1. Pam acquired 80% interest in Sam on 1/1/2014 for $290,000, when Sam's equity was $300,000 common stocks. The excess of fair value over book value was related to 50% undervalued inventory and 50% goodwill. 2. Sam sold equipment to Pam for $25.000 on 1/1/2018, when the equipment had a book value of $10.000- and 5- years useful life (included in plant assets). 3. During 2019, Sam sold land to Pam at a profit of $10,000 (included in plant assets). Required: Prepare a consolidation working paper for 2019. Show all the necessary calculation