P3-6 Consolldation 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 paid next year. The balance sheets of Harrison PLC and David PLC at December 31, 2014 are as follows (in thousands). Harrison PLC $ 300 $ 400 S 160 $1,000 $2,000 $1,600 David PLC $ 80 s 200 Cash Accounts receivable Dividends receivable Equipment-net Building-net Land Investment in David,PLC$2,320 800 $1,000 $1,400 Accounts payable Dividends payable Notes payable Capital stock Retained earnings $ 500 $ 100 $1,000 $2,000 $4,180 $ 80 200 S 400 $1,000 $1,800 Harrison PLC accounts payable includes $100,000 owed to David PLC. REQUIRED: Prepare consolidated balance sheet workpapers for Harrison PLC and its subsidiary on December 31, 2014