P Corporation paid $420,000 for 80% of S Corporations $10 par common stock on December 31, 2013, when S Corporations stockholders equity was made up of $300,000 of Common Stock, $90,000 of Other Contributed Capital and $60,000 of Retained Earnings. Ss identifiable assets and liabilities reflected their fair values on December 31, 2013, except for S's inventory, which was undervalued by $60,000 and their land, which was undervalued by $25,000. $10,000 of Ps Accounts Receivable is due from S. Balance sheets for P and S P S Cash $ 40,000 $ 30,000 Accounts Receivable (net) 30,000 45,000 Inventory 185,000 165,000 Land 480,000 240,000 Plant and Equipment (net) 45,000 120,000 Investment in S 420,000 Total Assets $ 1,200,000 $ 600,000 Accounts Payable $ 50,000 $ 20,000 Other Current Liabilities 120,000 130,000 Common Stock, $10 par 600,000 300,000 Other Contributed Capital 150,000 90,000 Retained Earnings 280,000 60,000 Total Liabilities and Equities $ 1,200,000 $ 600,000 Required: Complete the consolidated balance sheet workpaper for P Corporation and S.