Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $941,800 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,177,250. Also at the acquisition date, Stanford's book value was $546,100. 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 $300,900 $360,900 233,600 120,900 262,400 154,500 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 Amortization expense Equity in income of Stanford 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 Plaza $ (795,100) 439,600 186,400 Stanford $ (782,600) 331,000 0 (314,400) $ (483,500) $ (1,066,500) (483,500) 250,900 $ (1,299,100) $ 719,400 1,227,400 200,800 861,800 $ 3,009,400 29,200 23,400 0 $ (399,000) $ (443,000) (399,000) 36,000 $ (806,000) $ 361,300 0 300,900 204,400 97,500 $ 964,100 $ (118,800) $ (55,000) (250,900) (90,000) (1,340,600) (1,299,100) (13,100) (806,000) $(3,009,400) $ (964,100) 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.) PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Accounts Plaza Stanford Debit Consolidation Entries Credit Noncontrolling Interest Consolidated Totals Revenues $ (795,100) $ (782,600)| Cost of goods sold 439,600 331,000 Depreciation expense 186,400 29,200 Amortization expense 0 23,400 Equity in income of Stanford (314,400) 0 Net income $ (483,500) $ (399,000) Consolidated net income NCI share of CNI Plaza share of CNI Retained earnings, 1/1/21 $ (1,066,500) $ (443,000) Net income (483,500) (399,000) Dividends declared 250,900 36,000 Retained earnings, 12/31/21 $ (1,299,100) $ (806,000) Current assets $ 719,400 $ 361,300 Investment in Stanford 1,227,400 0 Tradenames 200,800 300,900 Property and equipment (net) 861,800 204,400 Patents 0 97,500 Goodwill Total assets $ 3,009,400 $ 964,100 Accounts payable (118,800) (55,000) Common stock (250,900) (90,000) Additional paid-in capital (1,340,600) (13,100) Noncontrolling interest Retained earnings, 12/31 (1,299,100) (806,000) Total liabilities and equities $ (3,009,400) $ (964,100)