Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 20X5, for $297,500. On that date, the noncontrolling interest had a fair value of $127,500 and the book value of Square's net assets was $389,000. 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. Square Company Debit Credit $102,000 120,000 260,000 PLAZA CORPORATION AND SQUARE COMPANY Trial Balance Data December 31, 20x9 Plaza Corporation Item Debit Credit Cash and Receivables 98,300 Inventory 209,000 Land, Buildings, & Equipment (net) 280,000 Investment in Square Company 309,004 Cost of Goods & Services 191,000 Depreciation Expense 38,000 Dividends Declared 33,000 Sales & Service Revenue $ 316,000 Income from Square Company 44,704 Accounts Payable 52,000 Common Stock 197,000 Retained Earnings 548,600 Total $1,158, 304 $1,158, 304 141,000 28,000 5,000 $216,000 30,000 159,000 251,000 $656,000 $ 656,000 On January 1, 20X9, Plaza's inventory contained $42,000 of unrealized intercompany profits recorded by Square. Square's inventory on that date contained $15,000 of unrealized intercompany profits recorded on books. Both companies sold their ending 20X8 inventories to unrelated companies in 20X9. During 20X9, Square sold inventory costing $43,000 to Plaza for $68,000. Plaza held all inventory purchased from Square during 20X9 on December 31, 20X9. Also during 20X9, Plaza sold goods costing $66,600 to Square for $111,000. Square continues to hold $37,740 of its purchase from Plaza on December 31, 20X9. Assume Plaza uses the fully adjusted equity method. Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)