Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 20X5, for $304,500. On that date, the noncontrolling interest had a fair value of $130,500 and the book value of Square's net assets was $399,000. 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	$	88,300						$	92,000
Inventory		206,000							120,000
Land, Buildings, & Equipment (net)		272,000							252,000
Investment in Square Company		301,052
Cost of Goods & Services		181,000							131,000
Depreciation Expense		31,000							21,000
Dividends Declared		26,000							5,000
Sales & Service Revenue				$	305,000						$	205,000
Income from Square Company					50,752
Accounts Payable					57,000							22,000
Common Stock					186,000							169,000
Retained Earnings					506,600							225,000
Total	$	1,105,352		$	1,105,352			$	621,000		$	621,000

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 $42,000 to Plaza for $67,000. 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.

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