Padre, Inc., buys 80 percent of the outstanding common stock of Slerra Corporation on January 1, 2021, for $680,000 cash. A.t the acquisition date, Slerra's total falr value, Including the noncontrolling Interest, was assessed at $850,000 although Slerra's book value was only $600,000. Also, several Indlvidual Items on Slerra's financlal records had falr values that differed from thelr book values as follows: For Internal reporting purposes. Padre, Inc., employs the equlty method to account for this Investment. The following account balances are for the year ending December 31, 2021, for both companles. A.t year-end, there were no intra-ently recelvables or payables. Prepare a worksheet to consolidate the financlal statements of these two companles. |For eccounts where multiple consolkdetion entrles are requlred, combine all deblt entrles Into one amount end enter thb amount In the deblt column of the worksheet. Simllerly, combine ell credit entrles Into one emount end enter thb emount In the credit column of the worksheet. Input ell emounts as posithe values.| \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ PADRE INC., AND SIERRA CORPORATION } \\ \hline \multicolumn{7}{|c|}{ Consolidated Worksheet } \\ \hline \multicolumn{7}{|c|}{ For Year Ending December 31, 2021} \\ \hline & & \multirow[b]{2}{*}{ Sierra } & \multicolumn{2}{|c|}{ Consolidation Entries } & \multirow[b]{2}{*}{NoncontrollingInterest} & \multirow[b]{2}{*}{ConsolidatedTotals} \\ \hline Acoounts & Padre & & Debit & Credit & & \\ \hline Revenues & $(1,360,000) & $(540,000) & & & & \\ \hline Cost of goods sold & 700,000 & 385,000 & & & 7 & \\ \hline Depreciation expense & 260,000 & 10,000 & & & & \\ \hline Amortization expense & 0 & 5,000 & & & & \\ \hline Interest expense & 44,000 & 5,000 & & & L & \\ \hline Equity in income of Sierra & (105,000) & 0 & & & & \\ \hline Separate company net income & $(461,000) & $(135,000) & & & & \\ \hline \multicolumn{7}{|l|}{ Consolidated net income } \\ \hline \multicolumn{7}{|l|}{ NI to noncontrolling interest } \\ \hline \multicolumn{7}{|l|}{ NI to Padre Company } \\ \hline Retained earnings, 1/1/21 & $(1,265,000) & $(440,000) & & & C & \\ \hline Net income & (461,000) & (135,000) & & & & \\ \hline Dividends declared & 260,000 & 65,000 & & & & \\ \hline Retained earnings, 12/31/21 & $(1,466,000) & $(510,000) & & & & \\ \hline Current assets & $965,000 & $528,000 & & & 7 & \\ \hline Investment in Sierra & 733,000 & 0 & & & 7 & \\ \hline Land & 292,000 & 60,000 & & & 7 & \\ \hline Buildings and equipment (net) & 877,000 & 265,000 & & & & \\ \hline Copyright & 0 & 95,000 & & & 7 & \\ \hline Total assets & $2,867,000 & $948,000 & & & & \\ \hline Accounts payable & $(191,000) & $(148,000) & & & 7 & \\ \hline Notes payable & (460,000) & (130,000) & & & & \\ \hline \multicolumn{7}{|l|}{NCl in Sierra 1/1} \\ \hline NCl in Sierra 12/31 & & & & & $ & \\ \hline Common stock & (300,000) & (100,000) & & & & \\ \hline Additional paid-in capital & (450,000) & (60,000) & & & & 7 \\ \hline Retained earnings (above) & (1,466,000) & (510,000) & & & & \\ \hline Total liabilities and equities & $(2,867,000) & $(948,000) & $ & $ & & \\ \hline \end{tabular}