Teal Corporation is the primary beneficiary of a variable interest entity with total assets of $500,000, liabilities of $470,000, and owners equity of $30,000. Because Teal owns 25 percent of the VIEs voting stock, it reported a $7,500 investment in the VIE in its balance sheet. Teal reported total assets of $190,000 (including its investment in the VIE), liabilities of $80,000, common stock of $15,000, and retained earnings of $95,000 in its balance sheet.

Required:

Prepare a consolidated balance sheet in good form for Teal, assuming that it is the primary beneficiary of the variable interest entity.