On January 2, 2014, Phillips Company purchased 80% of Sanchez Company and 90% of Thomas Company for $229,500 and $170,800, respectively. Immediately before the acquisitions, the balance sheets of the three companies were as follows: Phillips Sanchez Thomas Cash $407,200 $43,300 $19,800 Accounts receivable 28,200 24,100 20,300 Note receivable -0- 10,200 -0- Interest receivable -0- 400 -0- Inventory 121,400 97,000 43,300 Equipment 60,000 39,500 30,000 Land 180,900 78,500 70,700 Total $797,700 $293,000 $184,100 Accounts payable $27,700 $19,800 $18,000 Note payable -0- -0- 10,200 Common stock 303,800 118,200 76,300 Other contributed capital 301,900 89,300 39,200 Retained earnings 164,300 65,700 40,400 Total $797,700 $293,000 $184,100 The note receivable and interest receivable of Sanchez relate to a loan made to Thomas Company on October 1, 2013. Thomas failed to record the accrued interest expense on the note. Prepare a consolidated balance sheet workpaper as of January 2, 2014. Any difference between book value and the value implied by the purchase price relates to subsidiary land. (Round answers to 0 decimal places, e.g. 125.)PHILLIPS COMPANY AND SUBSIDIARIES Consolidated Balance Sheet Workpaper January 2, 2014 Phillips Sanchez Thomas Eliminations Noncontrolling Consolidated Company Company Company Dr. Cr. Interest Balance Cash 6,900 43,300 19,800 Account Receivable 28,200 24,100 20,300 Note Receivable 10,200 Interest Receivable 400 Inventory 121,400 97,000 43,300 Investment in Sanchez Company 229,500 Investment in Thomas Company 170,800 Equipment 60,000 39,500 30,000 Land 180,900 78,500 70,700 Total Assets 797,700 293,000 184,100 Accounts Payable 27,700 19,800 18,000 Note Payable 10,200 Accrued Interest Payable Common Stock: Phillips Company 303,800 Sanchez Company 118,200 Thomas Company 76,300 Other Contributed Capital: Phillips Company 301,900 Sanchez Company 89,300 Thomas Company 39,200 Retained Earnings Phillips Company 164,300 Sanchez Company 65,700 Thomas Company 40,400 Noncontrolling Interest Total Liabilities and Equity 797,700 293,000 184,100