On July 1, 2024, Truman Company acquired a 70 percent interest in Atlanta Company in exchange for consideration of $785,275 in cash and equity securities. The remaining 30 percent of Atlantas shares traded closely near an average price that totaled $317,975 both before and after Trumans acquisition.

In reviewing its acquisition, Truman assigned a $132,000 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 2024. In addition, the subsidiarys income was earned uniformly throughout the year. The subsidiary declared dividends quarterly.

Items	Truman	Atlanta
Revenues	$ (801,490)	$ (429,000)
Operating expenses	454,000	304,000
Income of subsidiary	(34,510)	0
Net income	$ (382,000)	$ (125,000)
Retained earnings, 1/1/24	$ (900,000)	$ (537,000)
Net income (above)	(382,000)	(125,000)
Dividends declared	175,000	80,000
Retained earnings, 12/31/24	$ (1,107,000)	$ (582,000)
Current assets	$ 550,215	$ 375,000
Investment in Atlanta	791,785	0
Land	460,000	242,000
Buildings	719,000	696,000
Total assets	$ 2,521,000	$ 1,313,000
Liabilities	$ (914,000)	$ (411,000)
Common stock	(95,000)	(300,000)
Additional paid-in capital	(405,000)	(20,000)
Retained earnings, 12/31/24	(1,107,000)	(582,000)
Total liabilities and stockholders' equity	$ (2,521,000)	$ (1,313,000)

d. Prepare a worksheet to consolidate the financial statements of these two companies as of December 31, 2024. At year-end, there were no intra-entity receivables or payables.

Prepare a worksheet to consolidate the financial statements of these two companies as of December 31,2024 . At year-end, there were no intra-entity receivables or payables. Note: For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values