Pea Corporation acquired 80 percent of Split Brewing Companys stock on January 1, 20X1, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 20 percent of Splits book value. On January 1, 20X1, Split issued $306,000 par value, 8 percent, 10-year bonds to Malt Company. Pea subsequently purchased $106,000 of the bonds from Malt for $118,000 on January 1, 20X3. Interest is paid semiannually on January 1 and July 1. Assume Pea Corporation uses the fully adjusted equity method.

Summarized balance sheets for Pea and Split as of December 31, 20X4, follow:

PEA CORPORATION
Balance Sheet
December 31, 20X4
Cash and Receivables	$ 137,500	Accounts Payable	$ 99,000
Inventory	216,000	Bonds Payable	385,000
Buildings and Equipment (net)	322,000	Common Stock	180,000
Investment in Split Company:		Retained Earnings	294,600
Bonds	107,500
Stock	175,600
Total Assets	$ 958,600	Total Liabilities and Owners Equity	$ 958,600

SPLIT BREWING COMPANY
Balance Sheet
December 31, 20X4
Cash and Receivables	$ 139,000	Accounts Payable	$ 83,000
Inventory	166,000	Bonds Payable	306,000
Buildings and Equipment (net)	362,000	Bond Premium	48,000
		Common Stock	80,000
		Retained Earnings	150,000
Total Assets	$ 667,000	Total Liabilities and Owners Equity	$ 667,000

At December 31, 20X4, Split holds $42,000 of inventory purchased from Pea, and Pea holds $26,000 of inventory purchased from Split. Split and Pea sell at cost plus markups of 30 percent and 40 percent, respectively. Assume total sales from Pea to Split were $133,000 and from Split to Pea were $117,000.

Required:

Prepare all consolidation entries needed on December 31, 20X4, to complete a consolidated balance sheet worksheet. Assume Split earned $80,000 and paid $15,000 in dividends during the year.

Prepare a consolidated balance sheet worksheet.

Prepare a consolidated balance sheet in good form