Pot Inc. acquired all Seed Inc.'s outstanding $28 par common stock on December 31, 20X3, in exchange for 44,000 shares of its $28 par common stock. Pot's common stock closed at $57.50 per share on a national stock exchange on December 31, 20X3. Both corporations continued to operate as separate businesses maintaining separate accounting records with years ending December 31. On December 31, 20X4, after year-end adjustments and the closing of nominal accounts, the companies had condensed balance sheet accounts. Pot Inc. Seed Inc. Assets Cash Accounts & Other Receivables Inventories Land Depreciable Assets (net) Investment in Seed Inc. Long-Term Investments & Other Assets Total Assets Liabilities and Stockholders' Equity Accounts Payable and Other Current Liabilities Long-Term Debt Common Stock, $28 Par Value $ 840,000 $ 335,000 2,149,000 842,000 2,314,000 1,053,000 666,000 310,000 4,587,000 2,000,000 2,905,000 386,000 871,000 $14,332,000 $4,926,000 $ 2,463,000 1,897,000 $1,134,000 1,281,000 3,419,000 1,232,000 Additional Paid-In Capital 1,298,000 183,000 5,255,000 Total Liabilities and Stockholders' Equity $14,332,000 1,096,000 $4,926,000 Retained Earnings Additional Information 1. Pot uses the equity-method of accounting for its Investment In Seed. 2. On December 31, 20x3, Seed's assets and liabilities had fair values equal to the book balances with the exception of land, which had a fair value of $704,000. Seed had no land transactions in 20X4. 3. On June 15, 20X4, Seed paid a cash dividend of $5 per share on its common stock. 4. On December 10, 20X4, Pot paid a cash dividend totaling $268,000 on its common stock. 5. On December 31, 20X3, Immediately before the combination, the stockholders' equity balance was: Pot Inc. $2,187,000 Seed Inc. Common Stock $1,232,000 Additional Paid-In Capital 1,650,000 Retained Earnings 4,035,000 183,000 721,000 $7,872,000 $2,136,000 6. The 20X4 net income amounts according to the separate books of Pot and Seed were $893,000 (exclusive of equity in Seed's earnings) and $595,000, respectively. Required: Prepare a consolidated balance sheet worksheet for Pot and its subsidiary, Seed, for December 31, 20X4. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting 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.) Answer is not complete. POT INC. AND SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X4 Consolidation Entries Pot Inc. Seed Inc. DR CR Consolidated Assets Cash S 840,000 $335,000 S 1,175,000 Accounts & other receivables 2,149,000 842,000 2,991,000 Inventory Land Depreciable assets (net) 2,314,000 1,053,000 3,367,000 666,000 4,587,000 310,000 2,000,000 394,000 1,370,000 6,587,000 Investment in Seed Inc. 2,905,000 2,905,000 0 Long-term investments & other assets 871,000 386,000 1,257,000 Total Assets $14,332,000 $ 4,926,000 $ 394,000 $ 2,905,000 $ 16,747,000 Liabilities & Stockholders' Equity Accounts payable & other current liabilities Long-term debt Common stock Additional Paid-in capital Retained earnings Total Liabilities & Equity $ 2,483,000 1,897,000 3,419,000 $ 1,134,000 1,281,000 1,232,000 IS 3,597,000 3,178,000 1,232,000 3,419,000 1,298,000 183,000 5,255,000 1,098,000 $14,332,000 $ 4,928,000 183,000 1,096,000 2,511,000 1,298,000 5,255,000 S 0 $ 16,747,000