Parent and Two Subsidiaries, Intercompany Notes On January 2, 2019, Phillips Company purchased 80% of Sanchez Company and 90% of Thomas Company for $225,000 and $168,000, respectively. Immediately before the acquisitions, the balance sheets of the three companies were as follows: Sanchez 43,700 24,000 10,000 300 Thomas 20,000 20,000 0 0 Phillips Cash 400,000 Accounts Receivable 28,000 Notes Receivable 0 Interest Receivable 0 Inventory 120,000 Equipment 60,000 Land 180,000 Total 788,000 Accounts Payable 28,000 Note Payable 0 Common Stock 300,000 Other Contributed 300,000 Capital Retained Earnings 160,000 Total 788,000 96,000 40,000 80,000 294,000 20,000 0 120,000 90,000 43,000 30,000 70,000 183,000 18,000 10,000 75,000 40,000 64,000 294,000 40,000 183,000 The note receivable and interest receivable of Sanchez relate to a loan made to Thomas Company on October 1, 2018. Thomas failed to record the accrued interest expense on the note. Required: Prepare a consolidated balance sheet workpaper as of January 2, 2019. Any difference between book value and the value implied by the purchase price relates to subsidiary land