Please Let me know if you need something else

Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2021, for $680,000 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $850,000 although Sierra's book value was only $600,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Book Value Fair Value Land $ 60,000 $ 225,600 Buildings and equipment (10-year remaining life) 275,000 250, 000 Copyright (20-year remaining life) 100 ,000 200, 000 ook Notes payable (due in 8 years) (130,000) (120,000) int For internal reporting purposes, Padre, 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. Padre Sierra rences Revenues $(1, 360,000) $ (540, 090) Cost of goods sold 700, 000 385, 090 Depreciation expense 260,000 10,000 Amortization expense 5, 000 Interest expense 44, 000 5.000 Equity in income of Sierra (105, 000) Net income $ (461,000) $ (135,000) Retained earnings, 1/1/21 $ (1, 265, 000) $ (440, 000) Net income (461, 000 (135, 000) Dividends declared 260,000 65,000 Retained earnings, 12/31/21 $ (1, 466,000) $ (510,080) Current assets 965,000 528,000 Investment in Sierra 733,000 Land 292,000 60, 000 Buildings and equipment (net) 877,006 265, 060 Copyright 95, 000 Total assets $ 2, 867,000 948, 000 Accounts payable (191, 000) $ (148, 000) Notes payable (460, 090) (130, 000) Common stock 300, 000 100, 000) Additional paid-in capital (450, 900 (60, 090) Retained earnings (above) (1, 466, 000 (510,000) Total liabilities and equities $(2, 867,000) $ (948, 000) At year-end, there were no intra-entity receivables or payables. Prepare a worksheet to consolidate the financial statements of these two companies. (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.) PADRE INC . AND SIERRA CORPORATION