Problem 16-5B (book/static) Question Help o On March 22, 2020, Pink Corp. paid $1.575,000 to purchase 70 percent of the common shares of Salmon Inc., and Pink Corp. owes Salmon Inc. $400,000 on a note payable. The fair market value of Salmon Inc.'s net assets equalled the book value. Immediately after the purchase, the two companies' balance sheets were as follows: (Click the icon to view the balance sheets.) Required Prepare a consolidation worksheet. Prepare the consolidation worksheet for Pink Corp. First record elimination entries in order to avoid double-counts on the consolidated statements. Then complete the consolidation worksheet. (Leave any unused cells blank. Enter a "0" when there is a zero balance for an account.) Pink Corp. Consolidation Worksheet March 22, 2020 Pink Salmon Eliminations Consolidated Corp. Inc. Debit Credit Amounts Assets Cash $ 570,000 $ 150,000 Accounts receivable, net 540,000 440,000 Note receivable from Pink Corp. 400,000 Inventory 750,000 540,000 Investment in Salmon Inc. 1,575,000 Goodwill Property, plant, and equipment, net 1,797,000 1.520,000 $ 5,232,000 $ 3,050,000 Total assets Liabilities and Shareholders' Equity Accounts payable Notes payable $ 480,000 $ 420.000 1,077,000 270.000 Note payable to Salmon Inc. 400,000 Other liabilities 155,000 230,000 Non-controlling interest Common shares 540,000 1,170,000 1,950,000 Retained earnings 1,590,000 $ 5,232,000 $ 3,050,000 Total liabilities and shareholders' equity