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. Item Cash and Receivables Inventory PLAZA CORPORATION AND SQUARE COMPANY Land, Buildings, and Equipment (net) Investment in Square Company Cost of Goods and Services Depreciation Expense Trial Balance Data December 31, 20X9 Plaza Corporation Debit $ 81,300 200,000 270,000 290,200 Square Company Debit Credit Credit $ 85,000 110,000 250,000 35,000 150,000 30,000 5,000 $ 300,000 $ 200,000 200,000 40,000 Dividends Declared Sales & Service Revenue Income from Square Company Accounts Payable Common Stock Retained Earnings Total $ 1,116,500 24,500 60,000 200,000 532,000 $ 1,116,500 30,000 150,000 250,000 $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 Plaza's 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: 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.