Interim Purchase, Cost Method LO 6 Punca Company purchased 85% of the common stock of Surrano Company on July 1, 2022, for a cash payment of $590,000. December 31, 2022, trial balances for Punca and Surrano were: Punca Surrano Current Assets Treasury Stock at Cost, 500 shares $ 150,000 $ 180,000 -0- 48,000 Investment in Surrano Company 590,000 0 Property and Equipment 1,250,000 750,000 Cost of Goods Sold 1,540,000 759,000 Other Expenses Dividends Declared Total Accounts and Notes Payable Dividends Payable Capital Stock, $5 par value 415,000 250,000 -0- 50,000 $3,945,000 $2,037,000 $ 277,500 $ 150,000 -0 50,000 270,000 40,000 Other Contributed Capital 900,000 250,000 Retained Earnings, 1/1 Sales 355,000 241,000 2,100,000 1,300,000 Dividend Income 42,500 6,000 Total $3,945,000 $2,037,000 Surrano Company declared a $50,000 cash dividend on December 20, 2022, payable on January 10, 2023, to stockholders of record on December 31, 2022. Punca Company recognized the dividend on its declaration date. Any difference between book value and the value implied by the purchase price relates to subsidiary land, included in property and equipment. Income is earned evenly throughout the year. Required: Prepare a consolidated statements workpaper at December 31, 2022.