Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2018, in exchange for $955,900 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,194,875. Also at the acquisition date, Stanford's book value was $524,400.

Plaza, lnc.. acquires 80 percent ofthe outstanding common stock of Stanford Corporation on January 1, 2018. in exchange for $955,900 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,194,875. Also at the acquisition date, Stanford's book value was $524,400. Several individual items on Stanford's nancial records had fair values that differed from their book values as follows: Book Value Fair Value Tradenames (indefinite lite) $ 292,288 $ 374,688 Property and equipment (net, 8year remaining life) 235,399 254,499 Patent (14cyear remaining life) 128,488 161,888 For internal reporting purposes, Plaza, |nc., employs the equity method to account for this investment. The following account balances are forthe year ending December 31, 2018, for both companies. Plaza Stanford Revenues $ (828,488) $ (746,488) Cost of goods sold 458,888 321,788 Depreciation expense 194, 188 29, 688 Amortization expense 23,888 Equity in income of Stanford (293, 688) 8 Net income $ (469,988) $ (372,188) Retained earnings, 1/1118 $(1,836,588) $ (438,888) Net income (469,988) (372,188) Dividends declared 243,988 22,888 Retained earnings, 12/31/18 $(1,262,588) $ (788,188) Current assets $ 698,988 $ 358,788 Investment in Stanford 1,231,988 8 Tradenames 195,288 292,288 Property and equipment (net) 837,888 287,288 Patents 8 97,488 Total assets $ 2,963,888 $ 947,588 Accounts payable $ (115,688) $ (73,888) Common stock (244,888) (74,888) Additional paidin capital (1,341,788) (28,488) Retained earnings (above) (1,262,588) (788,188) Total liabilities and equities $0,963,888) $ (947,588) At yearend, there were no intraentity 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.) Revenues St (323,400) $ (746,400) __ Cost ofgoods sold 453,000 321,700 __ Depreciation expense 194,100 29,600 - Amortization expense 0 23,000 _ Equity in income of Stanford (293,600) 0 _ Net income $ (469,900) $ (372,100) Consolidated net income _ 0 NCI share of CNI _ Plaza share of CNI _ 0 Retained earnings, 171 $(1,036,500) $ (430,000) - Net income (469,900) (372,100) __ Dividends declared 243,900 22,000 _- Retained earnings, 12731 $(1,262,500) $ (780,100) 0 Current assets 3 693,900 $ 359,700 _- investment in Stanford 1,231,900 0 _- Tradenames 195,200 292,200 __ Property and equipment (net) 337,600 207,200 __ Patents 0 97,400 __ Total assets $ 2,963,800 $ 947,500 0 Accounts payable (115,600) (73,000) __ Common stock (244,000) (74,000) _- Additional paidin capital (1,341,700) (20,400) _- Noncontrolling interest __ Retained earnings, 12:31 (1,262,500) (730,100) __ Total liabilities and equities $0,963,800) 3% (947,500) $ 0 $ 0 $ 0