I need help please

Problem 4-40 (Static) (LO 4-1, 4-5, 4-6) Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $802,720 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling Interest, was assessed at $1,003,400 although Sierra's book value was only $690,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (10-year remaining life) Copyright (20-year remaining life) Notes payable (due in 8 years) Book Value $ 65,000 287,000 122,000 (176,000) Fair Value $ 290,000 263,000 216,000 (157,600) For internal reporting purposes, Padre, Inc, employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies. $ Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Net income Retained earningo, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Padre $(1,394,980) 774,000 274,000 0 52,100 (172.120) $ 472,000) $(1,275,000) (472,000) 260,000 $11, 487,000) 5 356, 160 927,840 $ 5 Sierra (684,900) 432,000 11,600 6,100 9,200 0 (226,000) (530.000) (226,000) 65,000 (691,000) 764,700 O $ $ NEL 1100 Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities . $(1,275,000) (472,000) 260,000 $(1,487,000) $ 856,160 927,840 360,000 909,000 0 $ 3,053,000 $ (275,000) (541,000) (300,000) (450,000) (1,487,000) $ (3,053,000) VVV $ (530,000) (226,000) 65,000 $ (691,000) $ 764,700 0 65,000 275,400 115,900 $ 1,221,000 $ (194,000) (176,000) (100,000) (60,000) (691,000) $1,221,000) At year-end, there were no intra-entity receivables or payables. Prepare a worksheet to consolidate the financial statements of 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. Input all amounts as positive values.) Answer is not complete PADRE INC, AND SIERRA CORPORATION Consolidated Worksheet For Year Ending December 31, 2021 Answer is not complete. PADRE INC., AND SIERRA CORPORATION Consolidated Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Padre Sierra Debit Credit Noncontrolling Interest Consolidated Totals Revenues $ (2,079,880) 2,400 $ (1,394,980) 774,000 274,000 0 52,100 (177,120) $ (472,000) S (684,900) 432,000 11,600 6.100 9,200 0 $ (226,000) 4,700 2,300 177,120 1,206,000 283,200 10,800 63,600 Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Separate company net income Consolidated net income NI to noncontrolling interest Ni to Padre Company Retained earnings, 1/1/21 Not income Dividends declared Retained earnings, 12/31/21 Current assets (44,280) 530,000 (1,275,000 (472,000) 260,000 $ (1,487,000) $ 856,160 $ (530,000) (226,000) 65,000 $ (691,000) $ 764,700 $ (516.280) 44,280 $ (472,000) $ (1.275,000) (472,000) 260,000 5 (1.487.000) $ 1,620,860 52,000 13,000 (44,280) Consolidated net income Ni to noncontrolling interest Ni to Padre Company Retained earnings, 1/1/21 Net income Dividends declared S (516,280) 44,280 $ (472,000) $ (1.275,000) (472,000) 260,000 530,000 $ (530,000) (226,000) 65,000 0 52,000 13,000 Retained earnings, 12/31/21 $ (1,487,000) $ 1,620,860 Current assets (1.275,000) (472,000) 260,000 $ (1,487,000) $ 856,160 927,840 360,000 909,000 0 $ 3,053,000 $ (275,000) (541,000) 979,840 $ (691,000) $ 764,700 0 65,000 275,400 115,900 $ 1,221,000 $ (194,000) (176,000) 52,000 225,000 2.400 94,000 OOO Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable NCI in Sierra 1/1 NCI in Sierra 12/31 Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities 24,000 4,700 > 650,000 1,162,800 205,200 $ 3,638,860 $ (469,000) (700,900) 18,400 2.300 $ (57.280) (300,000) (450,000) (1,487,000) S (3,053,000 (100,000) (60,000) (691,000) 100,000 60,000 (231,960) (300,000) (450,000) (1,487,000) $ (3,638,860) 0000 ) 1.221.000) s 1,265,920 $ 1.065 240