On January 1, 2023, Pulaski, Incorporated, acquired a 60 percent interest in the common stock of Sheridan, Incorporated, for $372,000. Sheridan's book value on that date consisted of common stock of $100,000 and retained earnings of $219,900. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $248,000. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $79,300 and also had unpatented technology (15-year estimated remaining life) undervalued by $54,900. Any remaining excess acquisition-date fair value was assigned to an indefinite-lived trade name. Since acquisition, Pulaski has applied the equity method to its Investment in Sheridan account. 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 Pulaski	Transfer Price to Sheridan	Ending Balance (at transfer price)
2023	$ 127,800	$ 159,750	$ 53,250
2024	112,800	150,400	37,600

The individual financial statements for these two companies as of December 31, 2024, and the year then ended follow:

Items	Pulaski, Incorporated	Sheridan, Incorporated
Sales	$ (736,000)	$ (368,000)
Cost of goods sold	483,700	224,800
Operating expenses	198,540	76,600
Equity in earnings in Sheridan	(34,256)	0
Net income	$ (88,016)	$ (66,600)
Retained earnings, 1/1/24	$ (780,200)	$ (283,000)
Net income	(88,016)	(66,600)
Dividends declared	48,300	19,000
Retained earnings, 12/31/24	$ (819,916)	$ (330,600)
Cash and receivables	$ 279,400	$ 150,500
Inventory	262,400	131,200
Investment in Sheridan	415,112	0
Buildings (net)	339,000	205,600
Equipment (net)	242,000	89,400
Patents (net)	0	24,000
Total assets	$ 1,537,912	$ 600,700
Liabilities	$ (417,996)	$ (170,100)
Common stock	(300,000)	(100,000)
Retained earnings, 12/31/24	(819,916)	(330,600)
Total liabilities and equities	$ (1,537,912)	$ (600,700)

Note: Parentheses indicate a credit balance.

Required:

Show how Pulaski determined the $415,112 Investment in Sheridan account balance. Assume that Pulaski defers 100 percent of downstream intra-entity profits against its share of Sheridans income.

Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2024.