Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2018, in exchange for $1,163,100 cash. At the acquisition date, Stanfords total fair value, including the noncontrolling interest, was assessed at $1,453,875. Also at the acquisition date, Stanford's book value was $601,600. 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) $308,200 $476,700

Property and equipment (net, 8-year remaining life) $238,400 $266,400

Patent (14-year remaining life) $155,500 $197,500

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, 2018, for both companies.

Plaza Stanford

Revenues $(1,016,300) $(748,800)

Cost of goods sold 561,800 339,300

Depreciation expense 238,100 29,800

Amortization expense 24,200

Equity in income of Stanford (279,200) 0

Net income $(495,600) $(355,500)

Retained earnings, 1/1/18 $(1,093,100) $(453,600)

Net income (495,600) (355,500)

Dividends declared 257,200 35,000

Retained earnings, 12/31/18$ (1,331,500) $(774,100)

Current assets $737,100 $370,000

Investment in Stanford 1,414,300 0

Tradenames 205,800 308,200

Property and equipment (net) 883,300 208,600

Patents 0 131,300

Total assets $3,240,500 $1,018,100

Accounts payable $(121,900) $(96,000)

Common stock (257,300) (78,000)

Additional paid-in capital (1,529,800) (70,000)

Retained earnings (above) (1,331,500) (774,100)

Total liabilities and equities $(3,240,500) $(1,018,100)

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.