Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 20X5, 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, 20X9
Item	Plaza Corporation		Square Company
	Debit	Credit	Debit	Credit
Cash and Receivables	$ 81,300		$ 85,000
Inventory	200,000		110,000
Land, Buildings, and Equipment (net)	270,000		250,000
Investment in Square Company	290,200
Cost of Goods and Services	200,000		150,000
Depreciation Expense	40,000		30,000
Dividends Declared	35,000		5,000
Sales & Service Revenue		$ 300,000		$ 200,000
Income from Square Company		24,500
Accounts Payable		60,000		30,000
Common Stock		200,000		150,000
Retained Earnings		532,000		250,000
Total	$ 1,116,500	$ 1,116,500	$ 630,000	$ 630,000

On January 1, 20X9, 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 Plazas books. Both companies sold their ending 20X8 inventories to unrelated companies in 20X9.

During 20X9, Square sold inventory costing $37,000 to Plaza for $62,000. Plaza held all inventory purchased from Square during 20X9 on December 31, 20X9. Also during 20X9, 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, 20X9. Assume Plaza uses the fully adjusted equity method.

Required:

Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20X9.

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, 20X9.

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.

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