On January 1, 2019, Lizzie Corp. acquired a 60% interest in the common stock of Emma Corp. for $372,000. Emma's book value on that date consisted of common stock of $100,000 and retained earnings of $220,000. Also, the acquistion-date fair value of the 40% non controlling interet was $248,000. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the Company's accounting records by $70,000 and an unrecorded customer list (15-year remaining life) assessed at a $45,000 fair value. Any remaining excess acquistion date fair value was assigned to goodwill. Since the acquisition, Lizzie has applied the equity method to its Investment in Emma account and no goodwill impairment has occurred. At year end, there are is an intra-entity payable recorded by Emma to Lizzie for $20,000. On Janury 1, 2020, Lizzie sold Equipment to Emma that had a 5 year remaining useful life. The equipment was transferred at a price of $40,000, although it had an original cost of $60,000 and a book value of $30,000 at the date of transfer. On January 1, 2020, Lizzie sold land to Emma for $50,000, its fair value at that date. The original cost was $25,000. Intra-entity inventory sales between the two companies have been made as follows:

Year	Cost to Lizzie	Transfer Price to Emma	Ending Balance (at transfer price)
2019	$120,000	$150,000	$50,000
2020	$112,000	$160,000	$40,000

		Lizzie Corp.	Emma Corp.
Sales		(700,000)	(335,000)
Cost of goods sold		460,000	205,000
Operating expenses		188,000	70,000
Gain on Sale of Land		(25,000)	-
Gain on Sale of Equipment		(10,000)
Equity in earning in Emma		5,000	-
Net Income		(82,000)	(60,000)
Retained earnings 1/1/20		(695,000)	(280,000)
Net Income		(82,000)	(60,000)
Dividends Declared		45,000	15,000
Retained earnings 12/31/20		(732,000)	(325,000)
Cash and Receivbles		248,000	148,000
Inventory		233,000	129,000
Investment in Emma		378,000	-
Land		150,000	50,000
Buildings (net)		308,000	202,000
Equipment (gross)		330,000	106,000
Acc Dep - Equipment		(100,000)	(20,000)
Patents(net)		-	20,000
Total Assets		1,547,000	635,000
Liabilities		(410,000)	(210,000)
Common Stock		(405,000)	(100,000)
Retained earnings 12/31/20		(732,000)	(325,000)
Total Equity and Liabilities		(1,547,000)	(635,000)
		-	-

Required:
Prepare Consolidated financial statements for Lizzie Corp for December 31, 2020.
Submit all journal entries along with the consolidations worksheet.