Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 20X5, for $296,100. On that date, the noncontrolling interest had a fair value of $126,900 and the book value of Square's net assets was $387,000. 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 $ 94,000 124,000 261,000 PLAZA CORPORATION AND SQUARE COMPANY Trial Balance Data December 31, 20X9 Plaza Corporation Item Debit Credit Cash and Receivables $ 90,300 Inventory 219,000 Land, Buildings, & Equipment (net) 281,000 Investment in Square Company 306,652 Cost of Goods & Services 181,000 Depreciation Expense 24,000 Dividends Declared 19,000 Sales & Service Revenue $ 313,000 Income from Square Company 61,252 Accounts Payable 55,000 Common Stock 188,000 Retained Earnings 503,700 Total $1,120,952 $1,120,952 131,000 14,000 6,000 $213,000 29,000 157,000 231,000 $630,000 $630,000 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 Plaza's books. Both companies sold their ending 20x8 inventories to ted companies in 20X9. During 20X9, Square sold inventory costing $48,000 to Plaza for $73,000. 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. 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.) 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.) No Entry Accounts Debit Credit 1 157,000 231,000 61,252 Common stock Retained earnings Income from Square Company NCI in NI of Square Company Dividends declared Investment in Square Company NCI in NA of Square Company OOOOOOO x 6,000 B 2 x X x x X X X 3 X X X D 4 X