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Padre, lnc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $760,960 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $951,200 although Sierra's book value was only $619,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Book Value Fair Value Land 5 67,400 $ 290,400 Buildings and equipment (10-year remaining life) 335,000 299,000 Copyright (20year remaining life) 197,000 323,000 Notes payable (due in 8 years) (165,000) (145,800) For internal reporting purposes, Padre, |nc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2018, for both companies. Padre Sierra Revenues 5 (1,465,280) S (636,600) Cost of goods sold 788,000 417,000 Depreciation expense 308,000 13,000 Amortization expense 0 9,850 Interest expense 50,200 6,750 Equity in income of Sierra (147,920) 0 Net income 5 (4571000) $ (1901000) Retained earnings, 1/1/18 $ (1,402,500) S (459,000) Net income (467,000) (190,000) Dividends declared 260,000 65,000 Retained earnings, 12/31/18 5 (115091500) 5 (5841000) Current assets $ 939,620 $ 494,450 Investment in Sierra 856,880 0 Land 309,000 67,400 Buildings and equipment (net) 976,000 322,000 Copyright 0 187,150 Total assets $ 3,031,500 $ 1.071.000 Accounts payable $ (200,000) $ (162,000) Notes payable (522,000) (165,000) Common stock (300,000) (100,000) Additional paid-in capital (450,000) (60,000) Retained earnings (above) (1,509,500) (5341000) Total liabilities and equities $ (3,031,500) $ (1.071.000) At year-end, there were no intra-entity receivables or payables. Using the acquisition method, prepare the worksheet to consolidate these two companies. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for the Noncontrolling Interest and Consolidated Totals columns should be entered with a minus sign.) $ Revenues (1,465,280) $ (636,600) Cost of goods sold 788,000 417,000 1,205,000 a Depreciation expense 308,000 13,000 3,600 0 317,400 0 Amortization expense 0 9,850 6,300 9 16,150 0 Interest expense 50,200 6,750 2,400 0 Equity in income of Sierra (147,920) 0 147,920 0 Separate company net income $ (467,000) $ (190,000) Consolidated net income 35 1,597,900 NI to noncontrolling interest 36,980 0 NI to Padre Company 35 1,634,880 Retained earnings 1/1 1(51 14021500) $ (459,000) 459,000 0 $ 1,609,500 0 Net income (above) (467,000) (190,000) Dividends declared 260,000 65,000 52,000 0 Retained earnings 12/31 ?1,609,500) $ (584,000) $ 1,609,500 Current assets $ 939,620 $ 494,450 $ 1,434,070 9 Investment in Sierra 856,880 Land 309,000 67,400 223,000 V Buildings and equipment (net) 976,000 322,000 3,600 V Copyright 0 187, 150 126,000 V Total assets $ 3,081,500 $ 1,071,000 $ 1,434,070 Accounts payable $ (200,000) $ (162,000) Notes payable (522,000) (165,000) 19,200 NCI in Sierra 1/1 NCI in Sierra 12/31 $ 0 Common stock (300,000) (100,000) 100,000 V Additional paid-in capital (450,000) (60,000) 60,000 V Retained earnings 12/31 (above) (1,609,500) (584,000) Total liabilities and stockholders' equity $ $ $ (3,081,500) (1,071,000) 1, 147,420 $ 55,600 $ 0