Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2018, in exchange for $1,135,200 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,419,000. Also at the acquisition date, Stanford's book value was $600,200. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: Tradenames (indefinite life) Property and equipment (net, 8-year 320,400 449,400 remaining life) Patent (14-year remaining life) 252,800 145,100 275,200 178,700 For internal reporting purposes, Plaza, Inc., employs are for the year ending December 31, 2018, for both companies. the equity method to account for this investment. The following account balances Plaz s(919,700) 508,400 215,500 (813,400) Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford 352,600 31,600 25,000 (319 200) $(515,000) Net income (404,200) Retained earnings, 1/1/18 Net income Dividends declared $ (1,135,900) 471,700) (404,200) 267,20028,000 (515,000) $ (1,383,700)S(847,900) $766,300$384.700 213,900 320,400 Retained earnings, 12/31/18 Current assets Investment in Stanford Tradenames Property and equipment (net) Patents 1,432,000 221,200 120 100 S 3,330,200 S 1,046,400 918,000 Total assets Accounts payable Common stock Additional paid-in capital Retained earnings (above) (126,600) $(70,000) (28,500) (1 383,700) 847 900) (100,000) (267,400) (1,552,500) Common Payable Additional paid-in capital Retained earnings (above) Accounts Common stock (126,600)(70,000) 100,000) (28,500) (1383,700) (847 900) (3,330,200) (1,046,400) (267,400) (1,552,500) Total liabilities and equities At year-end, there were no intra-entity recelvables or payables. Prepare a worksheet to consolidate the financial statements of Plaza, Inc. and its subsidiary Stanford. (For accounts where multiple consolidation entries are required, combine all deblt entries Into one amount and enter this amount In the deblt column of the worksheet. Similarly, combine all credit entries Into one amount and enter this amount in the credit column of the worksheet. Amounts in the Deblt and Credlt columns should be entered as positive. Negative amounts for the Noncontrolling Interest and Consolidated Totals columns should be entered with a minus sign.) PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Noncontrolling Consolidated Accounts Plaza StanfordDebit Credit Interest Totals s (919,700 (813,400) 352,600 31,600 25,000 Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Consolidated net income NCI share of CNI Plaza share of CNI Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 508,400 215,500 (319,200) $ (515,000) (404,200) (1,135,900)| $ (515,000) (471,700) (404,200) 267,200 28,000 a non al (847,900) Depreciation expense 215,500 0 (319,200) 31,600 25,000 0 Amortization expense Equity in income of Stanford Net income Consolidated net income NCI share of CN Plaza share of CNI Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12131 Current assets Investment in Stanford Tradenames Property and equipment (net) Patents Goodwill Total assets Accounts payable Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 $ (615,000) $ (404,200) 0 (1,135,900) S (471,700) 28,000 1.383,700) (847,900) (515,000)(404,200) 267,200 0 766,300 384,700 1,432,000 213,900 918,000 320,400 221,200 120,100 $ 3,330,200 1,046,400 (70,000) (267,400(100,000) (28,500) (126,600) (1,552,500) (1,383,700) (847,900) Tolal libilis and quiies ) $(1046,4 (3,330,2001(1,046,400) S