Plaza, Incorporated, acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2024, in exchange for $1,121,800 cash. At the acquisition date, Stanfords total fair value, including the noncontrolling interest, was assessed at $1,402,250. Also at the acquisition date, Stanford's book value was $606,600.
Several individual items on Stanfords financial records had fair values that differed from their book values as follows:
	Book Value	Fair Value
Trade names (indefinite life)	318,800	442,600
Property and equipment (net, 8-year remaining life)	254,400	277,600
Patent (14-year remaining life)	143,400	175,600
Stanfords total fair value including the noncontrolling interest	1,402,250
Stanford's book value	606,600
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.
At year-end, there were no intra-entity receivables or payables.
Required:
Note: Use cells A23 to C53 from the given information to complete this question.
Prepare a worksheet to consolidate the financial statements of Plaza, Incorporated, and its subsidiary Stanford.
Note: 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. Parentheses indicate a credit balance.
Plaza Corporation and Stanford Corporation
Consolidation Worksheet
For The Year Ending December 31, 2024
Accounts	Plaza	Stanford	Consolidation Entries	Noncontrolling Interest	Consolidated Totals
	Debit	Credit
Revenues	(903,700)	(812,600)
Cost of goods sold	499,600	350,800
Depreciation expense	211,800	31,800
Amortization expense	0	24,800
Equity in income of Stanford	(320,000)	0
Net income	(512,300)	(405,200)
Consolidated net income
NCI share of CNI
Plaza share of CNI
Retained earnings, 1/1/24	(1,129,900)	(469,400)
Net income	(512,300)	(405,200)
Dividends declared	265,800	29,000
Retained earnings, 12/31/24	(1,376,400)	(845,600)
Current assets	762,300	382,800
Investment in Stanford	1,418,600	0
Trade names	212,800	318,800
Property equipment, net	913,300	222,600
Patents	0	118,600
Goodwill
Total assets	3,307,000	1,042,800
Accounts payable	(125,900)	(60,000)
Common stock	(265,900)	(98,000)
Additional paid-in-capital	(1,538,800)	(39,200)
Noncontrolling interest
Retained earnings (above)	(1,376,400)	(845,600)
Total liabilities and equity	(3,270,000)	(1,042,800)