Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2012, for $402,800. Trial balances at the end of 2012 for the companies were:

		Place		Shaw
Cash		$80,400		$86,400
Accounts and Notes Receivable		200,600		206,900
Inventory, 1/1		70,400		49,000
Investment in Shaw, Inc.		402,800		0
Plant Assets		295,800		197,400
Dividends Declared		34,900		21,700
Purchases		238,100		149,200
Selling Expenses		27,700		20,000
Other Expenses		15,300		12,800
		$1,366,000		$743,400
Accounts and Notes Payable		$97,800		$37,700
Other Liabilities		45,600		15,100
Common Stock, $10 par		149,200		98,900
Other Contributed Captital		278,600		148,900
Retained Earnings, 1/1		227,100		169,800
Sales		547,736		273,000
Dividend Income		19,964		0
		$1,366,000		$743,400

Inventory balances on December 31, 2012, were $24,500 for Place and $15,200 for Shaw, Inc. Shaws accounts and notes payable contain a $14,700 note payable to Place. Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. The difference between book value of equity acquired and the value implied by the purchase price relates to subsidiary land, which is included in plant assets.