Consolidation Entries 31 December 2016 Pallatino Santuario Dr Cr Consolidated Income Statement: Sales (3,550,000) (1,200,000) (4,750,000) Cost of Goods sold 2,130,000 720,000 2,850,000 Gross profit 1,420,000 (480,000) 1,900,000) Income (loss) from subsidiary (210,700] 210,700 Operating expenses 10,000 144,000 35,000 889,000 Net Income 920,700] 336,000 1,256,700) Consolidated NI attrib to NCI C Consolidated NI attrib to Ci Statement of Ret Earnings: BOY retained earnings [835,000) [525,000) E 525,000 (835,000] Net income [920,700) [336,000] [1,256,700) Dividends 125,000 75,000 C 75,000 125,000 EOY retained earnings (1,630,700) (786,000) 1,966,700) Balance Sheet: Cash 260,400 78,000 Accounts receivable 289,000 224,000 Inventory 1,225,000 725,000 Equity investment 1,022,000 231,000 632,800 PPE, net 567,300 560,000 Patent 200,000 25,000 Customer List 30,000 10,000 Goodwill 100,000 3,363,700 1,587,000 1.223.700 Current liabilities [425,000] (197,000] [622,000] Long-term liabilities (525,000) (225,000] (750,000) Common stock (725,000] (352,000] 352,000 (725,000] APIC [58,000) [27,000) 27,000 [58,000] Retained earnings (1,630,700) (786,000] 1,966,700) Noncontrolling interest 271,200 [271,200] 99,000 99,000] (3,363,700) [1,587,000) (4,491,900)On 1 January 2014, Palatino Company acquired a 70% interest in Santuario Company. The total fair value of the controlling and non controlling interests was $400,000 over the book value of the subsidiary's Stockholders' Equity on the acquisition date. Palatino Company assigned the excess fair value to the following areas: Estimated Initial Fair Useful Life As of 1 January 2014 Value in years Patent 250,000 10 Customer List 50,000 5 Goodwill 100,000 indefinite Totals 400,000 Using the figures provided, complete the consolidation worksheet for 31 December 2016