On July 1, 2018, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $792,400 in cash and equity securities. The remaining 30 percent of Atlantas shares traded closely near an average price that totaled $339,600 both before and after Trumans acquisition. In reviewing its acquisition, Truman assigned a $125,500 fair value to a patent recently developed by Atlanta, even though it was not recorded within the financial records of the subsidiary. This patent is anticipated to have a remaining life of five years. The following financial information is available for these two companies for 2018. In addition, the subsidiarys income was earned uniformly throughout the year. The subsidiary declared dividends quarterly.

	Truman				Atlanta
Revenues	$	(768,485	)		$	(536,000	)
Operating expenses		418,000				378,000
Income of subsidiary		(46,515	)			0
Net income	$	(397,000	)		$	(158,000	)
Retained earnings, 1/1/18	$	(884,000	)		$	(547,000	)
Net income (above)		(397,000	)			(158,000	)
Dividends declared		155,000				50,000
Retained earnings, 12/31/18	$	(1,126,000	)		$	(655,000	)
Current assets	$	542,585			$	423,000
Investment in Atlanta		821,415				0
Land		404,000				256,000
Buildings		742,000				690,000
Total assets	$	2,510,000			$	1,369,000
Liabilities	$	(884,000	)		$	(394,000	)
Common stock		(95,000	)			(300,000	)
Additional paid-in capital		(405,000	)			(20,000	)
Retained earnings, 12/31/18		(1,126,000	)			(655,000	)
Total liabilities and stockholders' equity	$	(2,510,000	)		$	(1,369,000	)

Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2018. At year-end, there were no intra-entity receivables or payables.

TRUMAN COMPANY AND SUBSIDIARY ATLANTA COMPANY Consolidation Worksheet For Year Ending December 31, 2018 Truman Atlanta Consolidation Entries Company Company Debit Credit $ (768,485) $ (536,000) 418,000 378,000 (46,515) $ (397,000) $ (158,000) Noncontrolling Consolidated Interest Totals Revenues Operating expenses Net income of subsidiary Separate company net income Consolidated net income Net income attributable to NCI Net income attributable to Truman $ 0 0 Retained earnings, 1/1 Net income Dividends declared Retained earnings 12/31 $ (884,000) $ (547,000) (397,000) (158,000) 155,000 50,000 $ (1,126,000) $ (655,000) $ 0 $ 423,000 $ 965,585 17,500 838,915 542,585 $ 821,415 404,000 742,000 256,000 690,000 12,550 125,500 85,500 Current assets Investment in Atlanta Land Buildings Patent Goodwill Total assets Liabilities Common stock Additional paid in capital Retained earnings 12/31 Noncontrolling interest 7/1 Noncontrolling interest 12/31 Total liabilities and equity $ 2,510,000 $ 1,369,000 $ (884,000) $ (394,000) (95,000) (300,000) (405,000) (20,000) (1,126,000) (655,000) 660,000 1,432,000 112,950 85,500 $ 3,256,035 $ (1,278,000) (95,000)| (405,000) (1,126,000) 0 300,000 20,000 339,600 (339,600) (339,600) (352,035) $ (3,256,035) (2,510,000) $ (1,369,000) $ 548,500 $ 1,191,065