Plaza, Incorporated, acquires $80$ percent of the outstanding common stock of Stanford Corporation on January $1,2024,$ in exchange for $$1,093,500$ cash. At the acquisition date, Stanford$$s total fair value, including the noncontrolling interest, was assessed at $$1,366,875.$ Also at the acquisition date, Stanford's book value was $$556,900.$

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$)$ $ $287,500$ $ $446,000$

Property and equipment $($net$,8-$year remaining life$)230,400250,400$

Patent $(14-$year remaining life$)143,100179,500$

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 $ $(923,800)$ $ $(704,700)$

Cost of goods sold $510,700316,400$

Depreciation expense $216,60028,800$

Amortization expense $022,400$

Equity in income of Stanford $(265,600)0$

Net income $ $(462,100)$ $ $(337,100)$

Retained earnings, $1/1/24$ $ $(1,019,300)$ $ $(423,300)$

Net income $(462,100)(337,100)$

Dividends declared $239,80025,000$

Retained earnings, $12/31/24$ $ $(1,241,600)$ $ $(735,400)$

Current assets $ $687,600$ $ $345,200$

Investment in Stanford $1,339,1000$

Trade names $191,900287,500$

Property and equipment $($net$)823,600201,600$

Patents $0120,700$

Total assets $ $3,042,200$ $ $955,000$

Accounts payable $ $(113,500)$ $ $(86,000)$

Common stock $(239,700)(88,000)$

Additional paid$-$in capital $(1,447,400)(45,600)$

Retained earnings $($above$)(1,241,600)(735,400)$

Total liabilities and equities $ $(3,042,200)$ $ $(955,000)$

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.