Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1,20X5, for $295,400. On that date, the noncontroling interest had a fair value of $126,600 and the book value of Square's net assets was $386,000 The book values and fair values ofSquareS asseand latins were equal except for lind that hd a tar value S1400 higher than book vete Ther amount attributed to gcooha as a resaofthe acqRmner s not amortized and has not been mpMed Trial Salance Data Decesber 13,28 135,000 229,000 285.800 Land, Buildings,&Equipeent (net Investaent in Square Cospany 45,800 17,900 & Services Depreciation E 27,e0 s Declared Sales & Service Revene Incone from Square Company Accounts Payable Conmon Stock 318,80 $210,990 s8,8ee 24,009 Retained Earnings 1,348,808 $1,18, 6,000 3640,0 On January 1, 20x9, Plaza's inventory on that date contained $15.000 of unrealized intercompany profits recorded on Plaza's books. Both profts contained $34,000 of unrealized Intercompany profits recorded by Square. Square's inventory companies sold their ending 20xB inventones to unrelated companies in 20x9 companies in 20xstery profts to Plaza for $71000 Plaza held all inventory purchased from Square duning Drng 209. So are sold in emory cost g $46000 Pazahe der n ory 20x9 on December 31, 20x9 Also during 20X9, Plaza sold goods costing $58,200 to Square for $97,000 Square $32980 of its purchase from Plaza on December 31. 20x9 Assume Plaza uses the fuily adjusted equity method a Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20x9 of no entry Is required Prey f Next e to search F8 F12 5 6 7 8 a Prepare all consolidation enties needed to complete a consolidaton worlcheet as of December 31, 200x9 or no entry Is required for a transaction/event, select "No Journal entry required" In the first account field. Consolidation Worksheet Entries Record the deferral of this years unrealized profits on inventory transfers Nobec Enter debits before credits Record enbry Clear entry Prev 1of Nex e to search F12 F10 F11 FS FB F9 8 5 7 8 6