P3-6 Consolidation after acquisition Harrison PLC acquires 80 percent of David PLC for $2.080,000 on January 1,2014 . The book values of David PLC's assets and liabilities are equal to the fair values. David PLC reports net income of $500.000 during the year. Dividends of $200,000 are declared by David PLC on December 20 . These dividends are to be paid next year. The balance sheets of Harrison PLC and David PLC at December 31,2014 are as follows (in thousands). R E Q I R E D : Prepare consolidated basane December 31, 2014