On January 1, 2012, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $372,000. Stinsons book value on that date was $320,000. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $248,000. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the companys accounting records by $70,000 and an unrecorded customer list (15-year remaining life) assessed at a $45,000 fair value. Any remaining excess acquisition date fair value was assigned to goodwill. Since acquisition, McIlroy has applied the equity method to its Investment in Stinson account and no goodwill impairment has occurred. Intra-entity inventory sales between the two companies have been made as follows: Year Cost to McIlroy Sales Price Ending Balance to Stinson (at transfer price) 2012 120,000 150,000 50,000 2013 112,000 160,000 40,000 The individual financial statements for these two companies as of December 31, 2013, and the year then ended follow: McIlroy, Inc. Stinson, Inc. Sales $ (700,000) $ (335,000) Cost of goods sold 460,000 205,000 Operating expenses 188,000 70,000 Equity earnings in Stinson (28,000) 0 Net income $ (80,000) $ (60,000) Retained earnings, 1/1/13 $ (695,000) $ (280,000) Net income (above) (80,000) (60,000) Dividends paid 45,000 15,000 Retained earnings, 12/31/13 $ (730,000) $ (325,000) Cash and receivables $ 248,000 $ 148,000 Inventory 233,000 129,000 Investment in Stinson 411,000 0 Buildings (net) 308,000 202,000 Equipment (net) 220,000 86,000 Patents (net) 0 20,000 Total assets $ 1,420,000 $ 585,000 Liabilities $ (390,000) $ (160,000) Common stock (300,000) (100,000) Retained earnings, 12/31/13 (730,000) (325,000) Total liabilities and equities $ (1,420,000) $ (585,000) Note: Parentheses indicate a credit balance. Required: Prepare consolidated worksheet and label each entry with consolation entry letter (I) (D) (S) (A) etc