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Plaza Corporation purchased "3'0 percent of Square Company's voting common stock on January 1, 20x5, for $299,600. On that date, the noncontrolling interest had a fair value of $128,400 and the book value of Square's net assets was $392,000. The book values and fair values of Square's assets and liabilities were equal except for land that had a fair value $14,000 higher than book value. The amount attributed to goodwill as a result ofthe acquisition is not amortized and has not been impaired. PLAZA CORPORATION All) SQUARE CWANY Trial Balance Data December 31, 26X!) Plaza Corporation Square Collpanyr Item Debit Credit Debit Credit Cash and Receivables 5 93,300 5 97,600 Invent ory 265, 600 126, 609 Land, Buildings, 8' Equipment (net) 286,600 266,600 Investment in Square Company 366,964- Cost of Goods 3 Services 182,800 137,800 Depreciation Expense 32,800 27,809 Dividends Declared 32,800 5,800 Sales 3 Service Revenue 5 312,600 $212,606 Income from Square Company 45,404 Accounts Payable 53,800 23,806 Common Stock 192,800 162,800 Retained Earnings 523,300 244,606 Total $1,141,294 $1,141,294 $546,999 $646,999 On January 1, 20X9, Plaza's inventory contained $42,000 of unrealized intercompany prots recorded by Square. Square's inventory on that date contained $15,000 of unrealized intercompany prots recorded on Plaza's books. Both companies sold their ending 20X8 inventories to unrelated companies in 20X9. During 20x9, Square sold inventory costing $48,000 to Plaza for $73,000. Plaza held all inventory purchased from Square during 20X9 on December 31, 20X9. Also during 20KB, Plaza sold goods costing $66,600 to Square for $111,000. Square continues to hold $31940 of its purchase from Plaza on December 31, 203(9). Assume Plaza uses the fully adjusted equity method. Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20x9. {If no entry is required for a transaction fevent, select "No journal entry required" in the rst account eld.) view transaction list transaction list X No Entry Accounts Debit Credit A 1 Common stock 162,000 Retained earnings 244,000 Income from Square Company 45,404 NCI in NI of Square Company Dividends declared 5.000 Investment in Square Company NCI in NA of Square Company B 2 Land 14,000 Goodwill Investment in Square Company NCI in NA of Square Company C 3 Investment in Square Company NCI in NA of Square Company Cost of goods sold D 4 Sales Cost of goods sold Inventoryb. Prepare a consolidation worksheet as of December 31, 20X9. [Values in the rst two columns [the "parent" and "subsidiary" balances} that are to be deducted should be indicated with a minus sign. while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting 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.) Income Statement Sales Less: COGS Less: Depreciation Expense immnunscinn ____ Controlling lntereslin Netlncome S [J $ 0 S [J $ 0 S 0 Statement of Retained Earnings Beginning balance ____ Ending Balance S [J $ 0 S [J $ 0 S 0 Balance Sheet Cash and Receivable $ 93,300 $ 9?,000 __ $ 190,300 Inventory 205,000 120,000 _- 325.000 Land, Buildings, & Equipment (net) 230.000 250.000 14.000 _ 554.000