Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 20X5, for $298,200. On that date, the noncontrolling interest had a fair value of $127,800 and the book value of Square's net assets was $390,000. 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 Plaza Corporation Square Company Item Debit Credit Debit Credit Cash and Receivables $ 86,300 $ 90,000 Inventory 207,000 110,000 Land, Buildings, & Equipment (net) 282,000 262,000 Investment in Square Company 300,352 Cost of Goods & Services 182,000 132,000 Depreciation Expense 28,000 18,000 Dividends Declared 23,000 5,000 Sales & Service Revenue $ 317,000 $ 217,000 Income from Square Company 60,552 Accounts Payable 56,000 21,000 Common Stock 189,000 160,000 Retained Earnings 486,100 219,000 Total $ 1,108,652 $ 1,108,652 $ 617,000 $ 617,000 On January 1, 20X9, Plaza's inventory contained $46,000 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 $52,000 to Plaza for $77,000. Plaza held all inventory purchased from Square during 20X9 on December 31, 20X9. Also during 20X9, Plaza sold goods costing $70,800 to Square for $118,000. Square continues to hold $40,120 of its purchase from Plaza on December 31, 20X9. Assume Plaza uses the fully adjusted equity method.

a. Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20X9. Record the deferral of this year's unrealized profits on inventory transfers, the basic consolidation entry, the excess value (differential) reclassification entry, and the entry to reverse last year's deferral.

b. Prepare a consolidation worksheet as of December 31, 20X9.