Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $778,080 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling Interest, was assessed at $972,600 although Sierra's book value was only $604,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Land Buildings and equipment (10-year remaining life) Copyright (20-year remaining life) Notes payable (due in 8 years) Book Value $ 66,700 332,000 129,000 (148,000) Fair Value $ 323,700 318,000 239,000 (132,400) 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. Sierra $ (605,850) 380,000 13,500 6,450 5,900 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 Padre $(1,488,840) 790,000 294,000 0 48,000 (155,160) $ (512, 000) $(1,500,000) (512,000) 260,000 $(1,752,000) $ 1,073, 760 881, 240 388,000 925,000 $ (200,000) $ (444,000) (200,000) 65,000 $ (579,000) $ 619,250 $ 3,268,000 $ (266,000) (500,000) (300,000) (450,000) (1,752,000) $(3,268,000) 66,700 318,500 122,550 $ 1,127,000 $ (240,000) (148,000) (100,000) (60,000) (579,000) $(1,127,000) 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 deblt 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.)