On January 1, 2023, Pulaski, Incorporated, acquired a 60 percent interest in the common stock of Sheridan, Incorporated, for $392,400. Sheridan's book value on that date consisted of common stock of $100,000 and retained earnings of $231,900. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $261,600. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $81,700 and also had unpatented technology (15-year estimated remaining life) undervalued by $57,000. 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	$ 130,800	$ 163,500	$ 54,500
2024	113,400	151,200	37,800

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	$ (741,000)	$ (377,000)
Cost of goods sold	487,000	230,200
Operating expenses	199,020	78,400
Equity in earnings in Sheridan	(35,308)	0
Net income	$ (90,288)	$ (68,400)
Retained earnings, 1/1/24	$ (792,000)	$ (283,800)
Net income	(90,288)	(68,400)
Dividends declared	49,100	19,600
Retained earnings, 12/31/24	$ (833,188)	$ (332,600)
Cash and receivables	$ 283,600	$ 151,400
Inventory	266,400	132,000
Investment in Sheridan	429,006	0
Buildings (net)	347,000	206,500
Equipment (net)	247,700	90,100
Patents (net)	0	24,800
Total assets	$ 1,573,706	$ 604,800
Liabilities	$ (440,518)	$ (172,200)
Common stock	(300,000)	(100,000)
Retained earnings, 12/31/24	(833,188)	(332,600)
Total liabilities and equities	$ (1,573,706)	$ (604,800)

Note: Parentheses indicate a credit balance.

Required:

Show how Pulaski determined the $429,006 Investment in Sheridan account balance. Assume that Pulaski defers 100 percent of downstream intra-entity profits against its share of Sheridan's income.

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