Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $1,116,600 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,395,750. Also at the acquisition date, Stanford's book value was $586,300 Several individual items on Stanford's financial records had falr values that differed from their book values as follows: Book Value Fair Value Trade names (indefinite 11(e) $300, 700 $452,800 Property and equipment (net, 8-year remaining life) 230,400 262,400 Patent (14-year remaining life) 149,900 184,900 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 (951, 600) 526, 100 223,100 0 (280, 800) (483,200) Stanford $(740,500) 330,800 28,800 23,400 0 $ (357,500) $ Retained earnings, 1/1/21 Net income $(1,065, 800) (483,200) $(442,600) (357,500) Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Plaza $ (951, 600) 526,100 223,100 0 (280,800) $ (483,200) Stanford $ (740,500) 330,800 28,800 23,400 0 $ (357,500) Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 $ (1,065, 800) (483,200) 250,800 $(1,298, 200) $ (442,600) (357,500) 40,000 $ (760,100) $ 361,000 Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets $ 718,900 1,365, 400 200,600 860,900 0 $ 3, 145,800 300,700 201,600 126,500 $ 989,800 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (118,700) (250, 700) (1,478,200) (1,298, 200) $ (3,145,800) $ (86,000) (86,000) (57,700) (760, 100) $ (989, 800) At vear-end, there were no intra-entity receivables or pavables. 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.) Noncontrolling Interest Consolidated Totals 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 PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Plaza Stanford Debit Credit (951,600) S (740,500) 526,100 330.800 223,100 28,800 0 23,400 (280,800) ol (483,200) $ (357,500) $ Check m 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 Total assets Accounts payable Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 Total liabilities and equities $ (1,065,800) $ (442,600) (483,200) (357,500) 250,800 40,000 $ (1,298,200) $ (760,100) $ 718,900 $ 361,000 1,365,400 0 200,600 300,700 860,900 201,600 0 126,500 & $ 3,145,800 $ (118,700) (250,700) (1,478,200) 989,800 (86,000) (86,000) (57,700) $ (1,298,200) (760,100) (3,145,800) $ (989,800) $ 0 $ 0