Hinterland Company acquired all of the common stock of Uberland Corporation on January 1, 2020. As of that date Uberland had the following trial balance.

	Uberland
Accounts	Debit $	Credit $	Fair Values January 1, 2020
Accounts payable		60,000
Accounts receivable	50,000
Additional paid-in capital		60,000
Buildings (net) (20-year life)	140,000		$188,000
Cash and short-term investments	70,000
Common stock		300,000
Equipment (net) ( 8 year life)	240,000		$216,000
Intangible assets (indefinite life)	110,000
Land	90,000		$102,000
Long-term liabilities (due 12/31/22)		180,000
Retained earnings, 1/1/20		120,000
Supplies	20,000
Totals	$720,000	$720,000

Additional information:

1. During 2020, Uberland reported net income of $96,000 while paying dividends of $12,000.

2. During 2021, Uberland reported net income of $132,000, while paying dividends of $36,000.

3. Assume that Hinterland acquired the common stock of Uberland for $588,000 in cash. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to an unamortized patent to be amortized over 10 years.

Hinterland decided to use the equity method for this investment.

Required:

1. Calculate the book value for Uberland.

2. Prepare the consideration allocation schedule to assign any excess to identifiable assets of Uberland.

3. Prepare consolidation worksheet entries for December 31, 2020.

4. Prepare consolidation worksheet entries for December 31, 2021.