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: Book Value Fair Value $329,900 $ 473,300 Trade names (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) 259,200 155,100 288,800 195,700 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. $ Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Plaza $(1,007,000) 556, 700 235,900 0 (316,000) $ (530, 400) Stanford (823,000) 363,100 32,400 25,900 0 (401,600) $ Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 $(1,169,900) (530,400) 275,300 $(1,425,000) $ (485,500) (401,600) 37,000 $ (850,100) Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets $ 788,900 1,465,600 220,300 945,500 0 $ 3,420,300 $ 396,000 0 329,900 226,800 129,200 $ 1,081,900 Accounts payable $ (130,500) $ (86,000) Total assets $ 3, 420,300 $ 1,081,900 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (130,500) (275,500) (1,589,300) (1,425,000) $(3,420,300) $ (86,000) (76,000) (69,800) (850,100) $(1,081,900) 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 onsolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the vorksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. nput all amounts as positive values.) Noncontrolling Interest Consolidated Totals Accounts Revenues PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Plaza Stanford Debit Credit (1,007,000) $ (823,000) 556,700 363,100 235,900 32,400 0 25,900 (316,000) 0 (530,400) $ (401,600) Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income $ Consolidated net income NCI share of CNI Plaza share of CNI $ Retained earnings, 1/1/21 Net income Dividends declared $ $ Retained earnings, 12/31/21 Current assets Investment in Stanford Tradenames Property and equipment (net) Patents Goodwill (1,169,900) $ (485,500) (530,400) (401,600) 275,300 37,000 (1,425,000) $ (850, 100) 788,900 $ 396,000 1,465,600 0 220,300 329,900 945,500 226,800 0 129,200 Total assets $ 3,420,300 Accounts payable Common stock Additional paid-in capital (130,500) (275,500) (1,589,300) $ 1,081,900 (86,000) (76,000) (69,800) Net income Dividends declared Retained earnings, 12/31/21 $ Current assets $ (530,400) (401,600) 275,300 37,000 (1,425,000) $ (850,100) 788,900 $ 396,000 1,465,600 0 220,300 329,900 945,500 226,800 0 129,200 Investment in Stanford Tradenames Property and equipment (net) Patents Goodwill Total assets $ Accounts payable 3,420,300 (130,500) (275,500) (1,589,300) $ 1,081,900 (86,000) (76,000) (69,800) Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 Total liabilities and equities (1,425,000) (850,100) (3,420,300) $ (1,081,900) $ $ 0 $ 0