P Corporation acquired 70% of the voting stock of S Corporation on January 1, 2016, for $210,000 when S had common stock of $140,000 and retained earnings of $24,000. The excess of implied over book value was allocated $11,000 to increase the value of inventories that were sold in 2016, $35,000 to increase the value of equipment with a 5-year remaining useful life under the straight-line method, and the remainder to goodwill. Financial statements for P and S Corporations at the end of the fiscal year ended December 31, 2017 (two years after acquisition) are provided below. P Corp. has accounted for its investment in S using the complete equity method of accounting.

Income Statement	P	S
Sales	618,000	180,000
Equity from Subsidiary Income	20,300	-
Cost of Sales	450,000	90,000
Other Expenses (incl. Depreciation)	114,000	54,000
Net Income	$ 74,300	$ 36,000

Retained Earnings	P	S
1/1 Retained Earnings	$ 71,200	$ 30,000
Add: Net Income	74,300	36,000
Less: Dividends	(60,000)	(12,000)
12/31 Retained Earnings	$ 85,500	$ 54,000

Balance Sheets	P	S
Cash	$ 32,000	$ 21,000
Inventory	63,000	45,000
Note Receivable	10,000	-
Land	33,000	18,000
Equipment (net)	192,000	165,000
Investment in Subsidiary	213,500	-
Total Assets	$ 543,500	$ 249,000

Note Payable	-	$ 10,000
Other Liabilities	$ 158,000	45,000
Common Stock	300,000	140,000
Retained Earnings	85,500	54,000
Total Liabilities and Equities	$ 543,500	$ 249,000

Required: Complete the consolidated statements workpaper for P Corporation and S Corporation for December 31, 2017.