On January 1, 2016, Plank Company purchased 70% of the outstanding capital stock of Scoba Company for $52,500. At that time, Scobas stockholders equity consisted of capital stock, $55,000; other contributed capital, $5,000; and retained earnings, $4,000. On December 31, 2020, the two companies trial balances were as follows:

		Plank		Scoba
Cash		$42,000		$22,000
Accounts Receivable		21,000		17,00
Inventory		15,000		8,000
Investment in Scoba Company		69,800		0
Land		52,000		48,000
Dividends Declared		10,000		8,000
Cost of Goods Sold		85,400		20,000
Other Expense		10,000		12,000
		$305,200		$135,000
Accounts Payable		$ 12,000		$ 6,000
Other Liabilities		5,000		4,000
Common Stock		100,000		55,000
Other Contributed Capital		20,000		5,000
Retained Earnings, 1/1		48,000		15,000
Sales		105,000		50,000
Equity in Subsidiary Income		14,400		0
		$305,200		$135,000

The accounts payable of Scoba Company include $3,000 payable to Plank Company. (b) Prepare a consolidated statements workpaper at December 31, 2020. Any difference between book value and the value implied by the purchase price relates to subsidiary land. (List items that increase retained earnings first.)