Plaza, Incorporated, acquires $80$ percent of the outstanding common stock of Stanford Corporation on January $1,2024,$ in exchange for $$941,800$ cash. At the acquisition date, Stanford$$s total fair value, including the noncontrolling interest, was assessed at $$1,177,250.$ Also at the acquisition date, Stanford's book value was $$546,100.$

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$)$ $ $300,900$ $ $360,900$

Property and equipment $($net$,8-$year remaining life$)233,600262,400$

Patent $(14-$year remaining life$)120,900154,500$

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 $ $(795,100)$ $ $(782,600)$

Cost of goods sold $439,600331,000$

Depreciation expense $186,40029,200$

Amortization expense $023,400$

Equity in income of Stanford $(314,400)0$

Net income $ $(483,500)$ $ $(399,000)$

Retained earnings, $1/1/24$ $ $(1,066,500)$ $ $(443,000)$

Net income $(483,500)(399,000)$

Dividends declared $250,90036,000$

Retained earnings, $12/31/24$ $ $(1,299,100)$ $ $(806,000)$

Current assets $ $719,400$ $ $361,300$

Investment in Stanford $1,227,4000$

Trade names $200,800300,900$

Property and equipment $($net$)861,800204,400$

Patents $097,500$

Total assets $ $3,009,400$ $ $964,100$

Accounts payable $ $(118,800)$ $ $(55,000)$

Common stock $(250,900)(90,000)$

Additional paid$-$in capital $(1,340,600)(13,100)$

Retained earnings $($above$)(1,299,100)(806,000)$

Total liabilities and equities $ $(3,009,400)$ $ $(964,100)$

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.