Plaza, Incorporated, acquires $80$ percent of the outstanding common stock of Stanford Corporation on January $1,2024,$ in exchange for $$912,900$ cash. At the acquisition date, Stanford$$s total fair value, including the noncontrolling interest, was assessed at $$1,141,125.$ Also at the acquisition date, Stanford's book value was $$524,500.$

Several individual items on Stanford$$s financial records had fair values that differed from their book values as follows:

Items Book Value Fair Value

Trade names $($indefinite life$)$ $ $286,700$ $ $350,700$

Property and equipment $($net$,8-$year remaining life$)231,200248,800$

Patent $(14-$year remaining life$)113,300146,900$

For internal reporting purposes, Plaza, Incorporated, employs the equity method to account for this investment. The following account balances are for the year ending December $31,2024,$ for both companies.

Accounts Plaza Stanford

Revenues $ $(755,900)$ $ $(746,500)$

Cost of goods sold $417,900315,500$

Depreciation expense $177,10028,900$

Amortization expense $022,500$

Equity in income of Stanford $(300,000)0$

Net income $ $(460,900)$ $ $(379,600)$

Retained earnings, $1/1/24$ $ $(1,016,600)$ $ $(422,000)$

Net income $(460,900)(379,600)$

Dividends declared $239,20022,000$

Retained earnings, $12/31/24$ $ $(1,238,300)$ $ $(779,600)$

Current assets $ $685,600$ $ $344,300$

Investment in Stanford $1,195,3000$

Trade names $191,400286,700$

Property and equipment $($net$)821,500202,300$

Patents $090,800$

Total assets $ $2,893,800$ $ $924,100$

Accounts payable $ $(113,300)$ $ $(42,000)$

Common stock $(239,200)(84,000)$

Additional paid$-$in capital $(1,303,000)(18,500)$

Retained earnings $($above$)(1,238,300)(779,600)$

Total liabilities and equities $ $(2,893,800)$ $ $(924,100)$

At year$-$end, there were no intra$-$entity receivables or payables.

Required:

Prepare a worksheet to consolidate the financial statements of Plaza, Incorporated, and its subsidiary Stanford.$\backslash$table$[[$PLAZA CORPORATION AND STANFORD CORPORATION$],[$Consolidation Worksheet$],[$For Year Ending December $31,2024],[$Accounts$,$Plaza,Stanford,Consolidation Entries,$\backslash$table$[[$Noncontrolling$],[$Interest$]],\backslash$table$[[$Consolidated$],[$Totals$]]],[$Debit$,$Credit$],[$Revenues$,$$$,(755,900),$$$,(746,500),,,,],[$Cost of goods sold,,$417,900,,315,500,,,,],[$Depreciation expense,,$177,100,,28,900,,,,],[$Amortization expense,,$0,,22,500,,,,],[$Equity in income of Stanford,,$(300,000),,0,,,,],[$Net income,$$,(460,900),$$$,(379,600),,,,],[$Consolidated net income,,,,,,,,$],[$Noncontrolling interest share of consolidated net income,,,,,,,,$],[$Plaza share of consolidated net income,,,,,,,,$],[$Retained earnings, $1/1/24,$$$,(1,016,600),$$$,(422,000),,,,],[$Net income,,$(460,900),,(379,600),,,,],[$Dividends declared,,$239,200,,22,000,,,,],[$Retained earnings, $12/31/24,$$$,(1,238,300),$$$,(779,600),,,,],[$Current assets,$$,685,600,$$$,344,300,,,,],[$Investment in Stanford,,$1,195,300,,0,,,,],[$Tradenames$,,191,400,,286,700,,,,],[$Property and equipment $($net$),,821,500,,202,300,,,,],[$Patents$,,0,,90,800,,,,],[$Goodwill$,,,,,,,,],[$Total assets,$$,2,893,800,$$$,924,100,,,,],[$Accounts payable,,$(113,300),,(42,000),,,,],[$Common stock,,$(239,200),,(84,000),,,,],[$Additional paid$-$in capital,,$(1,303,000),,(18,500),,,,],[$Noncontrolling interest,,,,,,,,$],[$Retained earnings, $12/31,,(1,238,300),,(779,600),,,,],[$Total liabilities and equities,$$,(2,893,800),$$$,(924,100),,,,]]$