P. Company purchased 90% of the outstanding common stock of S.e Company on January 1, 2016, for $450,000. At that time, S. Company had stockholders' equity consisting of common stock, $200,000; other contributed capital, $160,000, and retained earnings, $90,000. On December 31, 2020, trial balances for P. Company and S. Company were as follows: P Dr. S. Cr. Dr. Cr. Cash $ 109,000 $ 78,000 Accounts Receivable 166,000 94,000 Note Receivable 75,000 -0 Inventory 309,000 Investment in S. Company 450,000 158,000 0- Plant and Equipment 940,000 420,000 Land 160,000 70,000 Dividends Declared 70,000 50,000 Cost of Goods Sold Operating Expenses 822,000 250,500 242,000 124,000 Accounts Payable Notes Payable $ 132,000 300,000 $ 46,000 120,000 Common Stock 500,000 200,000 Other Contributed Capital Retained Earnings, 1/1 Sales 260,000 160,000 687,000 210,000 1,420,000 500,000 52,500 0 Dividend and Interest Income P. Company's note receivable is receivable from S. Company. Interest of $7,500 was paid by S. to P. during 2020. Any difference between book value and the value implied by the purchase price relates to goodwill. Required: Prepare a consolidated statements workpaper on December 31, 2020