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

At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was asses

book value was only $$690,000.$ Also, several individual items on Sierra's financial records had

values as follows:

For internal reporting purposes, Padre, Incorporated, employs the equity method to account fo

balances are for the year ending December $31,2024,$ for both companies.

Notes payable Common stock Additional paid$-$in capital Retained earnings $($above$)$ Total liabilities and equities $(541,000)(300,000)(450,000)(1,487,000)$ $ $(3,053,000)(176,000)(100,000)(60,000)(691,000)$ $ $(1,221,000)$ At year$-$end, there were no intra$-$entity receivables or payables. Required: Prepare a worksheet to consolidate the financial statements of these two companies.