P Corporation paid $420,000 for 70% of S Corporation's $10 par common stock on December 31, 2016, when S Corporation's stockholders' equity was made up of $300,000 of Common Stock, $90,000 of Other Contributed Capital and $60,000 of Retained Earnings. S's identifiable assets and liabilities reflected their fair values on December 31, 2016, except for S's inventory which was undervalued by $60,000 and their land which was undervalued by $25,000. Balance sheets for P and Simmediately after the business combination are presented in the partially completed work-paper below. Eliminations Debit Credit Noncontrolling Interest Consolidated Balances $40,000 $30,000 30,000 185.000 45,000 45,000 165,000 120.000 480,000 240.000 ASSETS Cash Accounts receivable-pet Inventories Land Plant assets- net Investment in SCOID Difference between implied and book value Goodwill Total Assets EQUITIES Current liabilities Capital stock 420,000 $1.200.000 $600.000 $170.000 600.000 $150,000 300.000 $170,000 600,000 $150,000 300,000 EQUITIES Current liabilities Capital stock Additional paid- in capital Retained earnings Noncontrolling interest Total Equities 150,000 280,000 90,000 60,000 $1.200.000 $600.000 Required: Complete the consolidated balance sheet workpaper for P Corporation and Subsidiary