Price Corporation acquired 90% of the outstanding shares of Smelter Corp. on 1/1/2019 for $3,150,000 in cash. At 1/1/2019, Smelter reported total shareholders equity of $2,700,000 ($200,000 of contributed capital). Of this price, $140,000 was attributed to equipment with a 10-year remaining useful life. Of this price, $160,000 was attributed to a customer list with a 10-year remaining useful life. Of this price, the remainder was attributed to goodwill. On January 1, 2021, Price purchased equipment from Smelter for $50,000. The equipment was purchased by Smelter on 1/1/16 for $60,000 (15 year useful life). Price assigned a 10-year remaining useful life to the equipment bought from Smelter. On January 1, 2021, Smelter sold land that cost Smelter $20,000 to Price for $25,000. Assume that no additional shares of common stock have been issued by Smelter since 1/1/19. Prepare the consolidation worksheet.

The following financial figures were for the two companies for the year ended December 31, 2022:

	Price Corp.	Smelter Corp.
Revenues	(14,000,000)	(4,000,000)
Cost of goods sold	6,500,000	1,500,000
Selling general and administrative expenses	1,800,000	800,000
Depreciation and amortization expense	400,000	200,000
Interest expense bonds	100,000
Interest income - bond investment		(10,000)
Dividend revenue	(90,000)
Net income	(5,290,000)	(1,510,000)
Retained earnings, January 1	(15,000,000)
Retained earnings, January 1		(3,400,000)
Net income	(5,290,000)	(1,510,000)
Dividends paid	1,000,000	100,000
Retained earnings, December 31	(19,290,000)	(4,810,000)
Cash and receivables	1,600,000	150,000
Inventory	8,000,000	240,000
Investment in Smelter Corp.	3,150,000	0
Investment in bonds	0	130,000
Land	1,400,000	240,000
Buildings and equipment	12,000,000	6,000,000
Accum. depreciation - buildings and equipment	(3,860,000)	(1,500,000)
Total assets	22,290,000	5,260,000
Accounts payable	(580,000)	(50,000)
Bonds payable	(2,000,000)	(200,000)
Common stock	(100,000)	(100,000)
Additional paid-in capital	(320,000)	(100,000)
Retained earnings	(19,290,000)	(4,810,000)
Total liabilities and stockholders' equity	(22,290,000)	(5,260,000)