Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $1,116,600 cash. At the acquisition date. Stanford's 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 Stanford's financial records had fair values that differed from their book values as follows: Trade names (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) Book Value Fair Value $300,700 $452,800 230,400 149,900 262,400 184,900 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, 2021, for both companies. Revenues Cost of goods sold Depreciation expense Equity in income of Stanford Amortization expense Plaza S (951,600) 526,100 223,100 (280,800) S (483,200) S(1,065,800) (483,200) 250,800 S(1,298,200) 718,900 1,365,400 200,600 860,900 0 $3,145,800 Stanford $ (740,500) 330,000 28,800 23,400 $ (357,500) S (442,600) (357,500) 40,000 $ (760,100) $ 361,000 300,700 201,600 126,500 $ 989,000 Net income 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 At year-end, there were no intro-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 emount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one emount and enter this amount in the credit column of the worksheet Input all amounts as positive values.) $ (118,700) (250,700) (1,478,200) KE,298,200) 5(3.145,800) $ (86,000) (86,000) (57,700) (760,100) $ (989,800) PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Accounts Plaza Stanford Consolidation Entries Debit Credit Noncontrolling Interest Consolidated Totals Revenues $ (951,600) S (740,500) Cost of goods sold Depreciation expense 526.100 330,800 223,100 28,800 Amortization expense 0 23,400 Equity in income of Stanford (280,800) 0 Net income S (483 200) $ (357 500) Consolidated net income NCI share of CNI Plaza share of CNI Retained earnings, 1/1/21 $ (1,065,800) $ (442 600) Net income (483 200) (357 500) Dividends declared 250,800 40.000 Retained earnings. 12/31/21 S (1,298,200) $ (760,100) Current assets S 718,900 $ 361,000 Investment in Stanford 1,365.400 Tradenames 200,600 300,700 Property and equipment (net)) 860.900 201.600 Patents 0 126,500 Goodwill Total assets S 3,145,800 $ 989,800 Accounts payable (118.700) (86,000) Common stock (250,700) (86.000) Additional paid-in capital Noncontrolling interest (1.478,200) (57.700) Retained earnings, 12/31 Total liabilities and equities (3,145,800) $ (989,800) (1.298,200) (760 100)