Input all amounts as positive values.) PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Accounts Plaza Stanford Debit Consolidation Entries Credit Interest Noncontrolling Consolidated Totals Revenues $ (775,500) $ (767,100)| Cost of goods sold 428,700 323,800 Depreciation expense 181,700 29,800 Amortization expense 0 23,100 Equity in income of Stanford (308,000) Net income $ (473,100) $ (390,400) Consolidated net income NCI share of CNI Plaza share of CNI Retained earnings, 1/1/21 $ (1,043,400) $ (433,100) Net income (473,100) Dividends declared 245,600 (390,400) 26,000 Retained earnings, 12/31/21 $ (1,270,900) $ (797,500) Current assets $ 703,700 $ 353,300 Investment in Stanford 1,179,200 0 Tradenames 196,500 294,200 Property and equipment (net) 843,400 208,600 Patents 0 88,400 Goodwill Total assets Accounts payable Common stock $ 2,922,800 $ 944,500 (116,300) (45,000) (245,600) (90,000) Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 (1,290,000) (12,000) (1,270,900) (797,500) Total liabilities and equities $ (2,922,800) $ (944,500)| Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $892,000 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,115,000. Also at the acquisition date, Stanford's book value was $535,100. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: Trade names (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) Book Value Fair Value $294,200 $340,500 238,400 111,500 259,200 150,700 For internal reporting purposes, Plaza, 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 Equity in income of Stanford Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities Plaza $ (775,500) 428,700 181,700 Stanford $ (767,100) 323,800 29,800 23,100 (308,000) $ (473,100) $(1,043,400) (473,100) 245,600 $ (1,270,900) $ 703,700 1,179,200 196,500 843,400 0 $ 2,922,800 $ (390,400) $ (433,100) (390,400) 26,000 $ (797,500) $ 353,300 0 294,200 208,600 88,400 $ 944,500 $ (116,300) $ (45,000) (245,600) (1,290,000) (90,000) (1,270,900) (12,000) (797,500) $ (944,500) $(2,922,800)