*Problem 4-1 (LO 2) 100%, equity, ending inventory. On January 1, 2011, 100% of the outstanding stock of Sand Company was purchased by Plant Corporation for $3,200,000. At that time, the book value of Sand's net assets equaled $3,000,000. The excess was attributa- ble to equipment with a 10-year life. The following trial balances of Plant Corporation and Sand Company were prepared on December 31, 2011: Plant Corporation Sand Company Cosh 835,000 370,000 Accounts Receivable. 400,000 365,000 Inventory 600,000 275,000 Property, Plant, and Equipment (net). 4,000,000 2,300,000 Investment in Sand Company. 3,410,000 Accounts Payable.... (35,000) (100,000) Common Stock ($10 par) (1,000,000) (400,000) Paid-In Capital in Excess of Par (1,500,000) (200,000) Retained Earnings, January 1, 2011. (5,500,000) (2,400,000) Sales .... (12,000,000) (1,000,000) Cost of Goods Sold. 7,000,000 750,000 Other Expenses. 4,000,000 40,000 Subsidiary Income. (210,000) Totals..... 0 Throughout 2011, sales to Plant Corporation made up 40% of Sand's revenue and pro- duced a 25% gross profit rate. At year-end, Plant Corporation had sold $250,000 of the goods purchased from Sand Company and still owed Sand $30,000. None of the Sand products were in Plant's January 1, 2011, beginning inventory. Prepare the worksheet necessary to produce the consolidated income statement and balance sheet of Plant Corporation and its subsidiary for the year ended December 31, 2011. Include the determination and distribution of excess schedule.