Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $771.200 cash. At the acquisition date. Sierra's total fair value, including the noncontrolling interest, was assessed at $964.000 although Sierra's book value was only $614.000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (18-year remaining life) Copyright (20-year remaining life) Notes payable (due in 8 years) Book Value $ 65,988 345, eee 143,80 (211, eee) Fair Value $ 280,980 386, eee 299,000 (193,280) 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. Padre $(1,488,320) 795,000 295, eee Sierra $ (589,880) 415,000 11,180 7,150 7,550 Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Net income Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable Common stock Additional paid in capital Retained earnings (above) Total liabilities and equities $ (149,eee) $ (454,280) (149,880) 65,eee $ (538,280) $ 566, 350 48,680 (114,280) $ (554,880) $(1,372,500) (554,800) 260,880 $(1,656,580) $ 953,920 833,480 363,880 971, @ $ 3,120,5ee $ (198,880) (586,880) (388,880) (45e,eee) (1,666,580) $(3,120,580) 65,9ee 333,900 135,850 $ 1,182,280 $ (193,280) (211, eee) (198,080) (68,280) (538,000) $(1, 102,080) At year-end, there were no intra-entity receivables 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 deblt 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 os positive values.) PADRE INC., AND SIERRA CORPORATION Consolidated Worksheet For Year Ending December 31, 2021 Consolidation Entries Accounts Padre Sierra Debit Credit Noncontrolling Interest Consolidated Totals $(1,488,320) S (589,800) 705,000 415.000 295,000 11.100 0 7.150 48,600 7.550 (114,280) 0 $ (554,000) S (149,000) Revenues Cost of goods sold Depreciation expense Amortization expense Interest expense Equity in income of Sierra Separate company net income Consolidated net income NI to noncontrolling interest Ni to Padre Company Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Sierra Land Buildings and equipment (net) Copyright Total assets Accounts payable Notes payable NCI in Sierra 1/1 NCI in Sierra 12/31 Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $(1,372,500) S (454,000) (554,000) (149,000) 260,000 65.000 $(1,686,500) S (538,000) $ 953,020 s 563.350 833,480 0 363,000 65.900 971,000 333.900 0 135.850 $ 3,120,500 $ 1.102.000 $ (198,000) S (193,000) (506,000) (211,000) $ (300.000) (450,000) (1,686,500) $ (3,120,500) (100,000) (60,000) (538,000) S (1,102.000 $ 0 $ 0