On January 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $358,200. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $211,800. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $238,800. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $89,200 and an unrecorded customer list (15-year remaining life) assessed at a $65,100 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	$139,200	$174,000	$58,000
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	$	(766,000	)		$	(407,000	)
Cost of goods sold		503,500				248,200
Operating expenses		203,560				84,400
Equity in earnings in Stinson		(38,884	)			0
Net income	$	(97,824	)		$	(74,400	)
Retained earnings, 1/1/21	$	(851,000	)		$	(286,900	)
Net income		(97,824	)			(74,400	)
Dividends declared		52,100				21,800
Retained earnings, 12/31/21	$	(896,724	)		$	(339,500	)
Cash and receivables	$	304,900			$	154,600
Inventory		286,500				134,600
Investment in Stinson		409,508				0
Buildings (net)		379,000				209,100
Equipment (net)		270,400				92,500
Patents (net)		0				27,600
Total assets	$	1,650,308			$	618,400
Liabilities	$	(453,584	)		$	(178,900	)
Common stock		(300,000	)			(100,000	)
Retained earnings, 12/31/21		(896,724	)			(339,500	)
Total liabilities and equities	$	(1,650,308	)		$	(618,400	)

(Note: Parentheses indicate a credit balance.)

Show how McIlroy determined the $409,508 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.