Problem 4-4 Place Company purchased 92% of the common stock of Shaw, Inc. on January 1, 2012, for $406,100. Trial balances at the end of 2012 for the companies were: Cash Accounts and Notes Receivable Inventory, 1/1 Investment in Shaw, Inc. Plant Assets Dividends Declared Purchases Selling Expenses Other Expenses Place $80,800 199,200 68,700 406,100 302,500 35,700 236,800 27,400 14,700 $1,371,900 Shaw $85,300 207,000 49,900 -0- 203,900 21,700 150,300 19,900 12,900 $750,900 Accounts and Notes Payable Other Liabilities Common Stock, $10 par Other Contributed Captital Retained Earnings, 1/1 Sales Dividend Income $99,200 45,100 148,500 278,100 228,900 552,136 19,964 $1,371,900 $38,300 14,800 101,000 148,000 170,000 278,800 -0- $750,900 Inventory balances on December 31, 2012, were $24,900 for Place and $15,200 for Shaw, Inc. Shaw's accounts and notes payable contain a $15,100 note payable to place. Prepare a workpaper for the preparation of consolidated financial statements on December 31, 2012. The difference between book value of equity acquired and the value implied by the purchase price relates to subsidiary land, which is included in plant assets. (Round answers to o decimal places, e.g. 5,125. List items that increase retained earnings first.) Place Company and Subsidiary Consolidated Statements Workpaper For the Year Ended December 31, 2012 Eliminations Debit Place Company Shaw Inc. Noncontrolling Interest Consolidated Balances Credit Income Statement S S Retained Earnings Statement Balance Sheet Total 1/1 Noncontrolling Interest 12/31 Noncontrolling Interest Total Click if you would like to Show Work for this question: Open Show Work