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Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 20X5, for $292,600. On that date, the noncontrolling interest had a

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Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 20X5, for $292,600. On that date, the noncontrolling interest had a fair value of $125,400 and the book value of Square's net assets was $382,000. 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 $103,000 119,000 264,000 PLAZA CORPORATION AND SQUARE COMPANY Trial Balance Data December 31, 20x9 Plaza Corporation Item Debit Credit Cash and Receivables $ 99,300 Inventory 207,000 Land, Buildings, & Equipment (net) 284,000 Investment in Square Company 313,456 Cost of Goods & Services 183,000 Depreciation Expense 31,000 Dividends Declared 26,000 Sales & Service Revenue $ 320,000 Income from Square Company 56,156 Accounts Payable 53,000 Common Stock 180,000 Retained Earnings 534,600 Total $1,143,756 $1,143, 756 133,000 21,000 5,000 $220,000 29,000 152,000 244,000 $645,000 $645,000 On January 1, 20X9, Plaza's inventory contained $38,000 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 unrelated companies in 20X9. During 20X9, Square sold inventory costing $41,000 to Plaza for $66,000. Plaza held all inventory purchased from Square during On January 1, 20X9, Plaza's inventory contained $38,000 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 unrelated companies in 20X9. During 20X9, Square sold inventory costing $41,000 to Plaza for $66,000. Plaza held all inventory purchased from Square during 20X9 on December 31, 20X9. Also during 20X9, Plaza sold goods costing $62,400 to Square for $104,000. Square continues to hold $35,360 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.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Accounts Debit Credit Entry 2 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Record the basic consolidation entry. Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Accounts Debit Credit Entry 2 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries

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