Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2018, in exchange for $1,116,600 cash. At the acquisition date, Stanfords total fair value, including the noncontrolling interest, was assessed at $1,395,750. Also at the acquisition date, Stanford's book value was $586,300.

Several individual items on Stanfords financial records had fair values that differed from their book values as follows:

	Book Value				Fair Value
Tradenames (indefinite life)	$	300,700			$	452,800
Property and equipment (net, 8-year remaining life)		230,400				262,400
Patent (14-year remaining life)		149,900				184,900

For internal reporting purposes, Plaza, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2018, for both companies.

	Plaza				Stanford
Revenues	$	(951,600	)		$	(740,500	)
Cost of goods sold		526,100				330,800
Depreciation expense		223,100				28,800
Amortization expense						23,400
Equity in income of Stanford		(280,800	)			0
Net income	$	(483,200	)		$	(357,500	)
Retained earnings, 1/1/18	$	(1,065,800	)		$	(442,600	)
Net income		(483,200	)			(357,500	)
Dividends declared		250,800				40,000
Retained earnings, 12/31/18	$	(1,298,200	)		$	(760,100	)
Current assets	$	718,900			$	361,000
Investment in Stanford		1,365,400				0
Tradenames		200,600				300,700
Property and equipment (net)		860,900				201,600
Patents		0				126,500
Total assets	$	3,145,800			$	989,800
Accounts payable	$	(118,700	)		$	(86,000	)
Common stock		(250,700	)			(86,000	)
Additional paid-in capital		(1,478,200	)			(57,700	)
Retained earnings (above)		(1,298,200	)			(760,100	)
Total liabilities and equities	$	(3,145,800	)		$	(989,800	)

At year-end, there were no intra-entity receivables 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 debit entries into one amount and enter this amount in the debit 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 Debit and Credit 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 Consolidated Noncontrolling Interest Accounts Totals Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford For Year Ending December 31, 2018 Consolidation Entries Plaza Stanford Debit Credit $ (951,600) $ (740,500) 526,100 330,800 223,100 28,800 0 23,400 (280,800) 0 $ (483,200) $ (357,500) Net income $ 0 Consolidated net income NCI share of CNI Plaza share of CNI $ Retained earnings, 1/1 Net income $ (442,600) (357,500) 40,000 Dividends declared $ (1,065,800) (483,200) 250,800 $ (1.298,200) $ 718,900 1,365,400 $ $ (760,100) 0 Retained earnings, 12/31 Current assets $ Investment in Stanford Tradenames 200,600 860,900 361,000 0 300,700 201,600 126,500 Property and equipment (net) Patents 0 Goodwill 989,800 $ Total assets 0 $ 3,145,800 $ (118,700) (250,700) (1,478,200) (86,000) (86,000) (57,700) Accounts payable Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 Total liabilities and equities (760,100) (1,298,200) $ (3,145,800) $ (989,800) $ 0 $ 0 $ 0