Preparation of Consolidated Balance Sheet

Greene Company purchased 60 percent of White Corporation's voting shares on June 3, 2012, at book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of White Corporation. The companies' permanent accounts on December 31, 2017, contained the following balances:

Greene Company White Corporation

Cash and Receivables $101,000 $20,000

Inventory 80,000 40,000

Land 150,000 90,000

Buildings & Equipment 400,000 300,000

Investment in White Corporation Stock 141,000 ________

$872,000 $450,000

Accumulated Depreciation $135,000 $85,000

Accounts Payable 90,000 25,000

Notes Payable 200,000 90,000

Common Stock 100,000 200,000

Retained Earnings 347,000 50,000

$872,000 $450,000

On January 1, 2013, Greene paid $100,000 for equipment with a 10-year expected total economic life. The equipment was depreciated on a straight-line basis with no residual value. White purchased the equipment from Greene on December 31, 2015, for $91,000. Assume White did not change the remaining estimated useful life of the equipment.

White sold land it had purchased for $30,000 on February 23, 2015, to Greene for $20,000 on October 14, 2016. Assume Greene uses the fully adjusted equity method.

Required

1. A consolidated balance sheet worksheet in good form as of December 31, 2017.

2. A consolidated balance sheet as of December 31, 2017.