Foxx Corporation acquired all of Greenburg Companys outstanding stock on January 1, 2019, for $600,000 cash. Greenburgs accounting records showed net assets on that date of $470,000, although equipment with a 10-year life was undervalued on the records by $90,000. Any recognized goodwill is considered to have an indefinite life.

Greenburg reports net income in 2019 of $90,000 and $100,000 in 2020. The subsidiary declared dividends of $20,000 in each of these two years.

Required: Prepare a Consolidation Worksheet. (Need help correcting my entries below. Can't figure out where I'm wrong)

Revenues COGS Depreciation Expense Investment Income Net income Retained earnings 1/1/21 Net income Dividends declared Retained earnings 12/31/21 Current assets Investment in subsidiary Equipment Buildings Land Goodwill Total assets Liabilities Common stock Retained earnings Total liabilites and equity *parenthesis indicate credit balance Foxx Foxx Company and Greenburg Company Consolidation Worksheet FYE 12/31/2021 Consolidated (1,400,000.00) 250,000.00 659,000.00 (800,000.00) 100,000.00 300,000.00 (20,000.00) (420,000.00) (1,100,000.00) (420,000.00) 120,000.00 (1,400,000.00) 300,000.00 600,000.00 900,000.00 800,000.00 600,000.00 3,200,000.00 (900,000.00) (900,000.00) (1,400,000.00) (3,200,000.00) Greenburg (600,000.00) 150,000.00 350,000.00 (100,000.00) (320,000.00) (100,000.00) 20,000.00 (400,000.00) 100,000.00 600,000.00 400,000.00 100,000.00 1,200,000.00 (500,000.00) (300,000.00) (400,000.00) (1,200,000.00) (1,100,000.00) S (420,000.00) 120,000.00 (1,400,000.00) 400,000.00 I 1,600,000.00 E 1,200,000.00 A (1,400,000.00) (900,000.00) (1,400,000.00) D A S DR Consolidated Entries CR 20,000.00 320,000.00 20,000.00 9,000.00 72,000.00 40,000.00 130,000.00 27,000.00 638,000.00 9,000.00 20,000.00 300,000.00 112,000.00 20,000.00 27,000.00 488,000.00 E D S A I Consolidated Totals (1,400,000.00) 250,000.00 659,000.00 (491,000.00) (1,100,000.00) (420,000.00) 120,000.00 (1,400,000.00) 400,000.00 1,437,000.00 1,200,000.00 700,000.00 40,000.00 3,377,000.00 (1,400,000.00) (1,070,000.00) (1,373,000.00) (3,843,000.00)