On January 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $325,200. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $192,300. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $216,800. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $74,200 and an unrecorded customer list (15-year remaining life) assessed at a $50,100 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. At year-end, there are no intra-entity payables or receivables.

Intra-entity inventory sales between the two companies have been made as follows:

Year	Cost to McIlroy	Transfer Price to Stinson	Ending Balance (at transfer price)
2020	$124,200	$155,250	$51,750
2021	112,800	150,400	37,600

The individual financial statements for these two companies as of December 31, 2021, and the year then ended follow:

	McIlroy, Inc.		Stinson, Inc.
Sales	$	(715,000	)		$	(353,000	)
Cost of goods sold		469,900				215,800
Operating expenses		193,210				73,600
Equity in earnings in Stinson		(32,654	)			0
Net income	$	(84,544	)		$	(63,600	)
Retained earnings, 1/1/21	$	(754,700	)		$	(281,300	)
Net income		(84,544	)			(63,600	)
Dividends declared		46,500				16,500
Retained earnings, 12/31/21	$	(792,744	)		$	(328,400	)
Cash and receivables	$	270,200			$	149,600
Inventory		253,800				130,400
Investment in Stinson		384,548				0
Buildings (net)		325,000				203,600
Equipment (net)		232,100				87,000
Patents (net)		0				21,700
Total assets	$	1,465,648			$	592,300
Liabilities	$	(372,904	)		$	(163,900	)
Common stock		(300,000	)			(100,000	)
Retained earnings, 12/31/21		(792,744	)			(328,400	)
Total liabilities and equities	$	(1,465,648	)		$	(592,300	)

(Note: Parentheses indicate a credit balance.)

Show how McIlroy determined the $384,548 Investment in Stinson account balance. Assume that McIlroy defers 100 percent of downstream intra-entity profits against its share of Stinsons income.

Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2021.