Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021. in exchange for $920,700 cash. At the acquisition date. Stanford's total fair value, including the noncontrolling interest, was assessed at $1,150.875 Also at the acquisition date. Stanford's book value was $492.500. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: Book Value Fair Value $253,300 $371,100 Trade names (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) 288,888 119,800 227,200 152, eee 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. Plaza $ (782,200) 432,400 183,300 Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Stanford $ (630, 40e) 278, 800 26, 100 19,999 (240, 809) $ (407,300) ) $ (385,600) Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 $ (898,300) (4e7,300) 211,400 $(1,894,200) $ (372,980) (325,600) 23,800 $ (655,500) $ $ 384,200 Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets 685,900 1,143, 100 169,200 726, 20e 253,300 182,700 99,900 $ 840, 100 $ 2,644,400 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (180, 180) (211,400) (1,238,700) (1,894,200) $(2,644, 40e) $ (65, eee) (114, eee) (5,600) (655,500) $ (840,100) 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 consolldation entries are required, combine all deblt entrles Into one amount and enter thls amount in the deblt column of the worksheet. Simllarly, 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 Consolidation Entries Plaza Stanford Debit Credit Consolidated Noncontrolling Interest Accounts Totals 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 consolldation entries are required, combine all deblt entries Into one amount and enter this amount in the deblt column of the worksheet. Simllarly, combine all credit entries Into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positlve values.) Noncontrolling Interest S PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Plaza Stanford Debit Credit (782.200 S (630,400) 432,400 278,800 183,300 28,100 2.300 0 19,900 2.300 (240.800) 0 240.800 (407,300) S (305,600) Consolidated Totals S (1,412,600) 711,200 211,700 22,200 0 S S S (467.500) Accounts Revenues 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 S 372,900 18,400 4,600 S S (898,300) S (372.900) (407.300) (305.600) 211,400 23,000 (1.094,200) S (655,500) 605,900 s 304.200 1,143,100 0 169,200 253,300 728,200 182,700 0 99,900 18,400 S Total assets Accounts payable Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 Total liabilities and equities 2,644,400 $ (100,100) (211,400) (1.238,700) 840,100 (65.000) (114,000 (5.600) 114,000 5,600 (1.094,200) (655,500) (2.844.400) S (840,100) S S 758,300 $ 18,400 Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021. in exchange for $920,700 cash. At the acquisition date. Stanford's total fair value, including the noncontrolling interest, was assessed at $1,150.875 Also at the acquisition date. Stanford's book value was $492.500. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: Book Value Fair Value $253,300 $371,100 Trade names (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) 288,888 119,800 227,200 152, eee 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. Plaza $ (782,200) 432,400 183,300 Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Stanford $ (630, 40e) 278, 800 26, 100 19,999 (240, 809) $ (407,300) ) $ (385,600) Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 $ (898,300) (4e7,300) 211,400 $(1,894,200) $ (372,980) (325,600) 23,800 $ (655,500) $ $ 384,200 Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets 685,900 1,143, 100 169,200 726, 20e 253,300 182,700 99,900 $ 840, 100 $ 2,644,400 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (180, 180) (211,400) (1,238,700) (1,894,200) $(2,644, 40e) $ (65, eee) (114, eee) (5,600) (655,500) $ (840,100) 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 consolldation entries are required, combine all deblt entrles Into one amount and enter thls amount in the deblt column of the worksheet. Simllarly, 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 Consolidation Entries Plaza Stanford Debit Credit Consolidated Noncontrolling Interest Accounts Totals 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 consolldation entries are required, combine all deblt entries Into one amount and enter this amount in the deblt column of the worksheet. Simllarly, combine all credit entries Into one amount and enter this amount in the credit column of the worksheet. Input all amounts as positlve values.) Noncontrolling Interest S PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Plaza Stanford Debit Credit (782.200 S (630,400) 432,400 278,800 183,300 28,100 2.300 0 19,900 2.300 (240.800) 0 240.800 (407,300) S (305,600) Consolidated Totals S (1,412,600) 711,200 211,700 22,200 0 S S S (467.500) Accounts Revenues 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 S 372,900 18,400 4,600 S S (898,300) S (372.900) (407.300) (305.600) 211,400 23,000 (1.094,200) S (655,500) 605,900 s 304.200 1,143,100 0 169,200 253,300 728,200 182,700 0 99,900 18,400 S Total assets Accounts payable Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 Total liabilities and equities 2,644,400 $ (100,100) (211,400) (1.238,700) 840,100 (65.000) (114,000 (5.600) 114,000 5,600 (1.094,200) (655,500) (2.844.400) S (840,100) S S 758,300 $ 18,400