Plaza Corporation purchased $70$ percent of Square Company's voting common stock on January $1,20$X$5,$ for $$291,200.$ On that date, the noncontrolling interest had a fair value of $$124,800$ and the book value of Square's net assets was $$380,000.$ The book values and fair values of Square's assets and liabilities were equal except for land that had a fair value $$14,000$ higher than book value. The amount attributed to goodwill as a result of the acquisition is not amortized and has not been impaired.

PLAZA CORPORATION AND SQUARE COMPANY

Trial Balance Data

December $31,20$X$9$

Item Plaza Corporation Square Company

Debit Credit Debit Credit

Cash and Receivables $ $81,300$ $ $85,000$

Inventory $200,000110,000$

Land, Buildings, and Equipment $($net$)270,000250,000$

Investment in Square Company $290,200$

Cost of Goods and Services $200,000150,000$

Depreciation Expense $40,00030,000$

Dividends Declared $35,0005,000$

Sales & Service Revenue $ $300,000$ $ $200,000$

Income from Square Company $24,500$

Accounts Payable $60,00030,000$

Common Stock $200,000150,000$

Retained Earnings $532,000250,000$

Total $ $1,116,500$ $ $1,116,500$ $ $630,000$ $ $630,000$

On January $1,20$X$9,$ Plaza's inventory contained $$30,000$ of unrealized intercompany profits recorded by Square. Square's inventory on that date contained $$15,000$ of unrealized intercompany profits recorded on Plaza$$s books. Both companies sold their ending $20$X$8$ inventories to unrelated companies in $20$X$9.$

During $20$X$9,$ Square sold inventory costing $$37,000$ to Plaza for $$62,000.$ Plaza held all inventory purchased from Square during $20$X$9$ on December $31,20$X$9.$ Also during $20$X$9,$ Plaza sold goods costing $$54,000$ to Square for $$90,000.$ Square continues to hold $$20,000$ of its purchase from Plaza on December $31,20$X$9.$ Assume Plaza uses the fully adjusted equity method.

Required:

Prepare all consolidation entries needed to complete a consolidation worksheet as of December $31,20$X$9.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Prepare a consolidation worksheet as of December $31,20$X$9.$

Note: Values in the first two columns $($the "parent" and "subsidiary" balances$)$ that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.