Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $1,179,200 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,474,000. Also at the acquisition date, Stanford's book value was $631,300. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: Trade names (indefinite life) Book Value Fair Value $329,900 $473,300 Property and equipment (net, 8-year remaining life) 259,200 288,800 Patent (14-year remaining life) 155,100 195,700 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, 2021, for both companies. 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, 2021, for both companies. Plaza $(1,007,000) 556,700 235,900 (316,000) Stanford $ (823,000) 363,100 32,400 25,900 Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net incone Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (530,400) $ (401,600) $(1,169,900) (530,400) $ (485,500) (401,600) 275,300 37,000 $(1,425,000) $ (850, 100) $ 788,900 $ 396,000 1,465,600 220,300 329,900 945,500 226,800 129,200 $1,081,900 $ 3,420,300 $ (130,500) $ (86,000) (275,500) (1,589,300) (76,000) (69,800) (850, 100) $(1,081,900) (1,425,000) $(3,420,300) 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. Input all amounts as positive values.) Consolidation Entries Debit Credit Noncontrolling Consolidated Interest Totals Accounts Revenues Cost of goods sold Depreciation expense Plaza Stanford $ (1,007,000) $ (823,000) 556,700 363,100 235,900 32,400 Amortization expense 0 25,900 Equity in income of Stanford (316,000) 0 Net income $ (530,400) $ (401,600) Consolidated net income NCI share of CNI + Plaza share of CNI Retained eamings, 1/1/21 $ (1.169,900) $ (485,500) Net income (530,400) (401,600) Dividends declared 275,300 37,000 Retained earnings, 12/31/21 $ (1,425,000) $ (850,100) Current assets $ 788,900 $ 396,000 Investment in Stanford : 1,465,600 0 Tradenames 220,300 329,900 Property and equipment (net) 945,500 226,800 Patents 0 129,200 Goodwill Total assets Accounts payable Common stock $ 3,420,300 $ 1,081,900 (130,500) (86,000) (275,500) (76,000) Additional paid-in capital Noncontrolling interest Retained eamings, 12/31 (1,589,300) (69,800) (1,425,000) (850,100) Total liabilities and equities S (3,420,300) $ (1,081,900) $ 0 $