On January 2, 2019, Phillips Company purchased 80% of Sanchez Company and 90% of Thomas Company for $225,000 and $168,000, respectively. Immediately before the acquisitions, the balance sheets of the three companies were as follows:

	Phillips	Sanchez	Thomas
Cash	400,000	43,700	20,000
Accounts receivable	28,000	24,000	20,000
Note Receivable	0	10,000	0
Interest Receivable	0	300	0
Inventory	120,000	96,000	43,000
Equipment	60,000	40,000	30,000
Land	180,000	80,000	70,000
Total	788,000	294,000	183,000
Account Payable	28,000	20,000	18,000
Note Payable	0	0	10,000
Common Stock	300,000	120,000	75,000
Other contributed capital	300,000	90,000	40,000
Retained earnings	160,000	64,000	40,000
Total	788,000	294,000	183,000

The note receivable and interest receivable of Sanchez relate to a loan made to Thomas Company on October 1, 2018. Thomas failed to record the accrued interest expense on the note.

Required:

Prepare a consolidated balance sheet workpaper as of January 2, 2019. Any difference between book value and the value implied by the purchase price relates to subsidiary land.

*do not use your own hand writing*