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: Trade names (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) Book Value Fair Value $253,300 $371,100 208,800 227,200 119,800 152,000 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 $ (782,200) 432, 400 183, 300 0 (240, 800) $ (407,300) Stanford $ (630,400) 278,800 26,100 19,900 0 $ (305,600) Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 $ (898,300) (407,300) 211,400 $(1,094,200) $ (372,900) (305,600) 23,000 $ (655,500) Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets $ 605, 900 1,143,100 169,200 726,200 0 $ 2,644,400 $ 304,200 0 253,300 182,700 99,900 $ 840,100 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (100,100) (211,400) (1,238,700) (1,094,200) $(2,644,400) $ (65,000) (114,000) (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 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 $ PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Plaza Stanford Debit Credit (782,200) $ (630,400) 432,400 278,800 183,300 26,100 19,900 (240,800) 0 (407,300) $ (305,600) 0 $ $ 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 Total assets Accounts payable Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 $ $ (898,300) $ (372,900) (407,300) (305,600) 211,400 23,000 (1,094,200) $ (655,500) 605,900 $ 304,200 1,143,100 169,200 253,300 726,200 182,700 0 99,900 0 $ 2,644,400 $ (100,100) (211,400) (1,238,700) 840,100 (65,000) (114,000) (5,600) (1,094,200) (655,500) Total liabilities and equities $ (2.644.400) $ (840.100) $