Consolidated Workpaper, Partially Owned Subsidiary, Cost Method Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2010, for $400,000. Trial balances at the end of 2010 for the companies were: Inventory balances on December 31, 2010, 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. Required: Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2010. The difference between book value of equity acquired and the value implied by the purchase price relates to subsidiary land, which is included in plant assets