P Corporation acquired $80\%$ of S Corporation on January $1,2017,$ for $$240,000$ cash when S$$s stockholders$$ equity consisted of $$100,000$ of Common Stock and $$30,000$ of Retained Earnings. The difference between the price paid by P and the underlying equity acquired in S was allocated solely to a patent amortized over $10$ years.

P sold merchandise to S during the year in the amount of $$30,000.$ $$10,000$ worth of inventory is still on hand at the end of the year with an unrealized profit of $$4,000.$ The separate company statements for P and S appear in the first two columns of the partially completed consolidated workpaper.

Required:

Complete the consolidated workpaper for P and S for the year $2017.$