Pinot Noir Company obtains 100% of Sangria Company's stock on January 1, 2016. As of that date, Sangria has the following trial balance:

Debit Credit

Accounts payable $50,000

Accounts receivable $40,000

Additional paid-in-capital $50,000

Buildings(4-year remaining life) $120,000

Cash and short-term investment $60,000

Common stock $250,000

Equipment (5 year remaining life) $200,000

Inventory $90,000

Land $80,000

Long term liabilities (mature 12/31/19) $150,000

Retained earnings, 1/1/16 $100,000

Supplies $10,000

Totals $600,000 $600,000

During 2016, Sangria reported net income of $80,000 while declaring and paying dividends of $10,000. During 2017, Sangria reported net income of $110,000 while declaring and paying dividends of $30,000

Assume that Pinot Noir company acquires Sangria's common stock for $490,000 in cash. As of January 1,2016, Sangria's land had a fair value of $90,000, its building were valued at $200,000, and its equipment was appraised at $180,000. Pinot Noir uses the equity method for this investment.

Required:

Prepare consolidation worksheet entries for December 31, 2016 and Dec 31,2017.