PADRE INC, AND SIERRA CORPORATION Consolldated Worksheet For Year Ending Decumber 31, 2021 \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Accounts } & \multirow[b]{2}{*}{ Padro } & \multirow[b]{2}{*}{ Sierra } & \multicolumn{2}{|c|}{ Consolidation Entries } & \multirow[b]{2}{*}{NoncontrollingInterest} & \multirow[b]{2}{*}{ConsolidatedTotals} \\ \hline & & & Debit & Crodit & & \\ \hline Revenues & $(1,635,200) & $(663,800) & & & & \\ \hline Cost of goods sold & 795,000 & 479,000 & & & & \\ \hline Deprociation expense & 358,000 & 13,300 & & & & \\ \hline Amortization expense & 0 & 7,350 & & & & \\ \hline Interest expense & 49.000 & B,150 & & & & \\ \hline Equity in income of Sierra & (122,800) & 0 & & & & \\ \hline Separate company net income & 5(556,000) & 5(156.000) & & & & \\ \hline \multicolumn{7}{|l|}{ Conscidated net income } \\ \hline Nil to noncontrolling interest & 2 & & & & & \\ \hline \multicolumn{7}{|l|}{ Ni to Padre Company } \\ \hline Rotained eamings, 1/1/21 & $(1,392,500) & $(520,000) & & & & \\ \hline Net income & (556,000) & (156,000) & & & & \\ \hline Dividends declared & 260,000 & 65,000 & & & & \\ \hline Retained earnings, 12/31/21 & 5(1,680,500) & 5(611,000) & & & & \\ \hline Current assets & 51,081,420 & S 570.550 & & & & \\ \hline Investment in Siorra & 800,080 & 0 & & & & \\ \hline Land & 385,000 & 60,100 & & & & \\ \hline Buildings and equipment (net) & 911,000 & 338,700 & & & & \\ \hline Copyright & 0 & 139.650 & & & & \\ \hline Total assets & 5.3,185,500 & S 1,109.000 & - & & & \\ \hline Accounhs payabio & \$ (227,000) & \$ (987,000) & & & & \\ \hline \end{tabular} At year-end, there were no intra-entity recelvables or payables. Prepare a worksheet to consolidate the financial statements of these two companies. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positive values.) Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1,2021, for $737,280 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $921,600 although Sierra's book value was only $680,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31,2021 , for both companies