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.		S.
	Dr.	Cr.	Dr.	Cr.
Cash	$109,000		$ 78,000
Accounts Receivable	166,000		94,000
Note Receivable	75,000		0
Inventory	309,000		158,000
Investment in S. Company	450,000		0
Plant and Equipment	940,000		420,000
Land	160,000		70,000
Dividends Declared	70,000		50,000
Cost of Goods Sold	822,000		242,000
Operating Expenses	250,500		124,000
Accounts Payable		$132,000		$ 46,000
Notes Payable		300,000		120,000
Common Stock		500,000		200,000
Other Contributed Capital		260,000		160,000
Retained Earnings, 1/1		687,000		210,000
Sales		1,420,000		500,000
Dividend and Interest Income		52,500		0

P. Company's note receivable is receivable from S. Company. The 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.