Padre, Incorporated, buys $80$ percent of the outstanding common stock of Sierra Corporation on

January $1,2024,$ for $$802,720$ cash. At the acquisition date, Sierra's total fair value, including

the noncontrolling interest, was assessed at $$1,003,400,$ although Sierra's book value was only

$$690,000.$ 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, Incorporated, employs the equity method to account for

this investment. The following account balances are for the year ending December $31,2024,$ for

both companies. At year$-$end, there were no intra$-$entity receivables or payables.

Required: Prepre a worksheet to consolidate the financial statement of thse two comoanies. Show the consolidation entries in teh appropiate form.