Sheridan, Incorporated, for $351,600. Sheridan's book value on that date consisted of common stock of $100,000 and retained earnings of $207,900. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $234,400. The subsidiary held patents (with a 10 -year remaining life) that were undervalued within the company's accounting records by $88,600 and also had unpatented technology (15-year estimated remaining life) undervalued by $64,500. Any remaining excess acquisition-date fair value was assigned to an indefinite-lived trade name. Since acquisition, Pulaski has applied the equity method to its Investment in Sheridan account. At yearend, there are no intra-entity payables or receivables. Intra-entity inventory sales between the two companies have been made as follows: Year Cost to Pulaski Transfer Price to Sheridan Ending Balance (at transfer price) 2023$138,900$173,625$57,8752024 113,400 151,200 37,800 The individual financial statements for these two companies as of December 31,2024, and the year then ended follow: Items Pulaski, Incorporated Sheridan, Incorporated Sales \$ (765,000) \$ (406,000) Cost of goods sold 502,800 247,600 Operating expenses 203,28584,200 Equity in earnings in Sheridan (38,749)0 Net income \$ (97,664)$(74,200) Retained earnings, 1/1/24$ (850,200)$(286,600) Net income (97,664)(74,200) Dividends declared 52,000 21,500 Retained earnings, 12/31/24$(895,864)$(339,300) Cash and receivables \$304,600\$154,500 Inventory 286,200 134,500 Investment in Sheridan 405,198 0 Buildings (net) 377,000 208,800 Equipment (net) 269,000 92,300 Patents (net) 027,300 Total assets \$1,641,998 \$617,400 Liabilities \$ (446,134)$(178,100) Common stock (300,000)(100,000) Retained earnings, 12/31/24(895,864) (339,300) Total liabilities and equities $(1,641,998)$(617,400) Note: Parentheses indicate a credit balance. Required: Show how Pulaski determined the $405,198 Investment in Sheridan account balance. Assume that Pulaski defers 100 percent of downstream intra-entity profits against its share of Sheridan's income. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2024