QUESTION $2$

P Corporation paid $$420,000$ for $70\%$ of S Corporation's $$10$ par common stock on December $31,2022,$ when S Corporation's stockholders' equity was made up of $$300,000$ of Common Stock, $$90,000$ of Other Contributed Capital and $$60,000$ of Retained Earnings. S$\text{'}$s identifiable assets and liabilities reflected their fair values on December $31,2016,$ except for S$\text{'}$s inventory, which was undervalued by $$60,000,$ and their land, which was undervalued by $$25,000.$ Balance sheets for $P$ and $S$ immediately after the business combination are presented in the partially completed workpaper below.

Required:

Complete the consolidated balance sheet workpaper for P Corporation and Subsidiary.

$\backslash$table$[[-,P,S,$Eliminations,$\backslash$table$[[$Noncontrolling$],[$Interest$]],\backslash$table$[[$Consolidated$],[$Balances$]]],[$Debit$,$Credit$],[,$$$40,000,$$$30,000,,,,],[\backslash$table$[[$Accounts$],[$receivable$-$net$]],30\mathrm{.}000,45,000,,,,],[$Inventories$,185,000,165,000,,,,],[$Land$,45\mathrm{.}000,120\mathrm{.}000,,,,],[\backslash$table$[[$Plant assets$-],[$net$]],480,000,240,000,,,,],[$Investment in S Corp.,$420\mathrm{.}000,,,,,],[\backslash$table$[[$Difference between implie$],[$value$]],,,,,,],[$Goodwill$,,,,,,],[$Total Assets,$$1\mathrm{.}200,000,$$$6000,000,,,,],[\backslash$table$[[$EOUITIES$],[$Current liabilities$]],$$$170,000,$$$150,000,,,,],[$Capital stock,$600,000,300,000,,,,],[$Additional paid$-$in capital,$150\mathrm{.}000,90,000,,,,],[$Retained earnings,$280,000,60,000,,,,],[$Noncontrolling interest,,,,,,$],[$Total Equities,$$1\mathrm{.}200\mathrm{.}000,$$$6000\mathrm{.}000,,,,]]$O