Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2018.

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On January 1, 2017, Mcllroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $384,600. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $227,300. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $256,400. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $83,800 and an unrecorded customer list (15-year remaining life) assessed at a $59,700 fair value. Any remaining excess acquisition-date fair value was assigned to goodwill. Since acquisition, Mcllroy has applied the equity method to its Investment in Stinson account and no goodwill impairment has occurred. At year end, there are no intra-entity payables or receivables. Intra-entity inventory sales between the two companies have been made as follows: Transfer Price to Stinson $167,250 150,000 Ending Balance (at transfer price) $55,750 37,500 Cost to McIlroy $133,800 112,500 Year 2017 2018 The individual financial state ments for these two companies as of December 31, 2018, and the year then ended follow McIlroy, Inc. $ (749,000) 492,200 200,935 (36,359) (92,224) Stinson, Inc. $(385,000) 235,000 80,000 Sales Cost of goods sold Operating expenses Equity in earnings in Stinson (70,000) Net income (810,300) (92, 224) 50,100 $(852,424) $(284,600) (70,000) 20,100 (334,500) Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 290, 200 272,600 424,713 355,000 253,300 152,300 132,700 Cash and receivables Inventory Investment in Stinson Buildings (net) Equipment (net) Patents (net) 207,500 90,800 25,500 608,800 $1,595,813 Total assets $ (443,389) (300,000) (852,424) $ (1,595,813) (174,300) (100,e00) (334,500) $(608,800) Liabilities Common stock Retained earnings, 12/31/18 Total liabilities and equities MCILROY, INC., AND STINSON, INC. Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Consolidated Totals Credit Accounts Mcllroy Stinson Debit NCI Sales (749,000) $ (385,000) 150,000 492,200 Cost of goods sold 235,000 9,375 161,150 Operating expenses Equity in earnings of Stinson 200,935 80,000 12,360 36,359 (36,359) 0 Separate company net income (92,224) (70,000) Consolidated net income To noncontrolling interest 0 To Mcllroy, Inc. Retained earnings, 1/1 (810,300) 284,600 (284,600) Net income (92,224) (70,000) Dividends declared 8,040 50,100 20,100 12,060 (852,424) $ (334,500) 0 Retained earnings, 12/31 $ Cash and receivables 290,200 $ 152,300 Inventory 272,600 132,700 9,375 Investment in Stinson 23,210 424,713 0 447,923 Buildings (net) Equipment (net) 355,000 207,500 253,300 90,800 Patents (net) 0 25,500 75,420 8,380 55,720 Customer list 3.980 Goodwill $ S Total assets $ 1,595,813 608.800 0 (443,389) Liabilities (174,300) (300,000) Common stock (100,000) 100,000 Noncontrolling interest 1/1 Noncontrolling interest 12/31 Retained earnings, 12/31 Total liabilities and equities (852 424) (334,500) $ (1,595,813) S (608,800) 747,044 642.868 0