On January 1, 2018, Primair Corporation loaned Vista Company $300,000 and agreed to guarantee all of Vistas long-term debt in exchange for (1) decision-making authority over all of Vistas activities and (2) an annual cash payment of 25 percent of Vistas revenues. As a result of the agreement, Primair is the primary beneficiary of Vista (a variable interest entity). Primairs loan to Vista stipulated a 7 percent (market) rate of interest to be paid annually.

On January 1, 2018, Primair estimated that the fair value of Vistas equity shares equaled $150,000 while Vistas book value was $55,000. Any excess fair over book value at that date was attributed to Vistas trademark with an indefinite life.

Because Primair owns no equity in Vista, all of the acquisition-date excess fair over book value is allocated to the non-controlling interest.

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Vista paid Primair 25 percent of its 2018 revenues at the end of the year. On December 31, 2018, Primair and Vista submitted the following statements for consolidation. Parentheses indicate credit balances.

	Primair	Vista
Revenues	(839,500)	(188,000)
Cost of good sold	612,000	75,000
Other operating expenses	78,000	25,000
Interest income	(21,000)	0
Interest expense	0	21,000
Net income	(170,500)	(67,000)
Retained earnings, 1/1	(1,555,000)	(40,000)
Net income	(170,500)	(67,000)
Dividends declared	250,000	0
Retained earnings, 12/31	(1,475,500)	(107,000)
Current assets	460,500	50,000
Loan receivable from Vista	300,000
Equipment (net)	794,000	525,000
Trademark	0	45,000
Total assets	1,554,500	620,000
Current liabilities	(29,000)	(18,000)
Long-term debt	0	(180,000)
Loan payable to Primair		(300,000)
Common stock	(50,000)	(15,000)
Retained earnings, 12/31	(1,475,500)	(107,000)
Total liabilities and equity	(1,554,500)	(620,000)

In computing the amount of Vistas net income attributable to the non-controlling interest,

Vistas net income should be reduced by the 25% revenue allocation to Primair.

Interest expense paid to Primair is not excluded from Vistas net income because it is a contractual distribution of Vistas net income to Primair.

Prepare the December 31, 2018, consolidation worksheet for Primair and Vista.