On July 31, 2014, Ping Company purchased 90% of Santos Company's common stock for $2,019,900 cash. Immediately after the acquisition, the two companies' balance sheets were as follows: Ping Santos Cash $320,100 $151,200 Accounts receivable 602,400 298,200 Note receivable 101,000 -0- Inventory 1,856,200 396,300 Advance to Santos Company 59,400 -0- Investment in Santos Company 2,019,900 -0- Plant and equipment (net) 3,022,700 1,500,800 Land 89,100 90,600 Total $8,070,800 $2,437,100 Accounts payable $ 798,300 $ 139,200 Notes payable 902,600 101,000 Common stock 2,406,300 899,100 Other contributed capital 2,187,100 681,800 Retained earnings 1,776,500 616,000 Total $8,070,800 $2,437,100 Santos Company has not yet recorded the $59,400 cash advance from Ping Company. Ping Company's accounts receivable include $19,800 due from Santos Company. Santos Company's $101,000 note payable is payable to Ping Company. Neither company has recorded $6,900 of interest accrued on the note from January 1 to July 31. Any difference between book value and the value implied by the purchase price relates to land. Prepare a consolidated balance sheet workpaper on July 31, 2014. (Round answers to 0 decimal places, e.g. 125.)PING COMPANY AND SUBSIDIARY Consolidated Balance Sheet Workpaper July 31, 2014 Cash 320,100 151,200 $ $ $ $ Accounts Receivable 602,400 298,200 Note Receivable 101,000 Inventory 1,856,200 396,300 Advance to Santos Company 59,400 Investment H"! Company 2,019,900 Difference between Implied & Book Value Plant and Equipment 3,022,700 1,500,800 Land 09,100 90,500 Total Assets 8,070,800 2,437,100 Accounts Payable 798,300 139,200 Notes Payable 902,600 101,000 Common Stock: Ping Company 2,406,300 Santos Company 899,100 other Contributed Capital: Ping Company 2,187,100 Santos Company 681,800 Retained Earnings Plng Company 1,776,500 Santos Company 616,000 Noncontrolling Interest 1; Total 8,070,800 2,437,100 Advance From Ping Company Interest Payable Interest Receivable Total Liabilities and Equity 1; 1; $