P6-1 Downstream sale of land Rashed QSC is a 90 percent-owned subsidiary of Nase OSC. The separate trial balance for the year ended in 2014 for both companies is as follows: Debits Nase QSC Rashed QSC Cash $ 200 $ 100 Accounts receivable 300 200 Inventory 700 800 Land 1,200 700 Equipment 400 400 Investment in Rashed QSC 2,880 Cost of sales 2,400 1,700 Other expenses 200 200 Dividends 300 100 Total $ 8,580 $ 4,200 Credits Accounts payable $ 100 $ 100 Common stock 2,200 1,000 Retained Earnings 2,980 300 Sales 3,100 2,300 Gain on sale of land 200 0 Total $ 8,580 $ 4,200 ADDITIONAL INFORMATION 1. During 2014, Rashed QSC sells inventories for $700,000 to Nase QSC. Nase QSC's inventories at Decem- ber 31, 2014, include an unrealized profit of $100,000. 2. On March 1, 2014, Rashed QSC purchases land for $500,000 from Nase QSC. The value of the land in Nase QSC's book at this date is $300,000. 3. Nase QSC's accounts receivable at the end of 2014 includes $100,000 due from Rashed QSC. 4. Any fair value/book value differential is due to goodwill. REQUIRED : Prepare consolidation workpapers for Nase QSC and Subsidiary for the year ended December 31, 2014