Pipe Manufacturing Company acquired 90 percent of Spike Corporations outstanding common stock on December 31, 2017, for $2,595,240. At the date of acquisition, the fair value of the noncontrolling interest was $288,360 and Spike reported common stock outstanding of $1,161,000, premium on common stock of $384,912, and retained earnings of $777,600. The book values and fair values of Spikes assets and liabilities were equal, except for land, which was worth $255,312 more than its book value.

Since the date it was acquired by Pipe Manufacturing, Spike has sold inventory on account to Pipe on a regular basis. The amount of such intercompany sales totaled $223,236 in 2018 and $394,632 in 2019; the gross profit was 42 percent in both years. All inventory transferred in 2018 had been sold by December 31, 2018, except inventory which Pipe paid $46,980 and did not resell until January 2019. All 2018 inventory transactions on account had been satisfied prior to the end of the year. Inventory transferred in 2019 had been resold at December 31, 2019, except merchandise for which Pipe had paid $89,640. An account balance of $50,760 remained unpaid on 2019 inventory transactions.

On January 1, 2018, Spike sold equipment to Pipe for $243,000. Spike had purchased the equipment for $400,680 on January 1, 2016 and was depreciating it on a straight-line basis with a 10-year expected life and no anticipated salvage value. The equipments total expected life is unchanged as a result of the intercompany sale. Spike reported $50,000 net income for 2018 but declared no dividends.

As of December 31, 2019, Spike had declared fourth-quarter dividend; however 25% of the declared amount had not been paid out. Both Pipe and Spike use straight-line depreciation and amortization. On December 31, 2019, Pipes management determined that the carrying value of the reporting unit to which goodwill is assigned is $2,014,200, and the fair value of the reporting unit is $1,835,638. Goodwill impairments, if any, should be shared proportionately between controlling and noncontrolling interests. Pipe uses the basic equity method to account for its investment in Spike.

As a staff of the financial reporting team, your task is to prepare the consolidated financial statements for December 31, 2019.

please list all consolidated entries