Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2012, for $400,000. Trial bal- ances at the end of 2012 for the companies were: Place Shaw $ 87,000 210,000 50,000 Cash Accounts and Notes Receivable Inventory, 1/1 Investment in Shaw, Inc. Plant Assets Dividends Declared Purchases Selling Expenses Other Expenses $ 80,350 200,000 70,000 400,000 300,000 35,000 240,000 28,000 15,000 $1,368,350 $ 99,110 45,000 150,000 279,000 225,000 550,000 20,240 $1,368,350 Accounts and Notes Payable Other Liabilities Common Stock, $10 par Other Contributed Captital Retained Earnings, 1/1 Sales Dividend Income 200,000 22,000 150,000 20,000 13,000 $752,000 $ 38,000 15,000 100,000 149,000 170,000 280,000 -O $752,000 Inventory balances on December 31, 2012, were $25,000 for Place and $15,000 for Shaw, Inc. Shaw's accounts and notes payable contain a $15,000 note payable to Place. Required: Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. The differ- ence between book value of equity acquired and the value implied by the purchase price relates to subsidiary land, which is included in plant assets