The "Thomas Turkey Company" bought 75% of the outstanding stock of the "Best Stuffing Company" on January 1, 2015 for $280,000

On this date, the balances of Best Stuffing's stockholders equity accounts were Common Stock $195,000 and Retained Earnings $45,000.

On January 1, 2015 the Market value of the 25% not purchased by Thomas was $90,000

On January 1, 2015 the Best Stuffing's recorded book values were equal to the fair values for all items except for:

1) Accounts receivable had a book value of $55,000 and a fair value of $48,000, which were collected the following year.

2) Property, plant and equipment, net had a book value of $150,000 and a fair value of $168,000, with a remaining life of 10 years

3) Previously unrecorded customer list intangible assets had a book value of $0 and a fair value of $30,000, with a remaining life of 4 years

and

4) notes payable had a book value of $30,000 and a fair value of $25,000, with remaining payment term of 5 years

Both companies use FIFO inventory method and sell all of their inventories at least once a year.

On January 1, 2018 Thomas Turkey sold a building to Best Stuffing for $80,000. On this date the building on Thomas' books had a book value (net of accumulated depreciation) of $55,000, with both companies estimating its remaining useful life of 10 yrs from the date of sale, with no salvage value.

Each company routinely sells merchandise to the other, such as Turkeys and Stuffing, making gravy with a profit margin of 40% of selling price (regardless to the direction of the sale). During 2019, inter-co sales amounted to $50,000 of which $20,000 remains in the ending inventory of Stuffing.

On December 31, 2019, $10,000 of these inter-co sales remained unpaid.

Additionally Thomas' December 31, 2018 inventory includes $15,000 of merchandise purchased in the preceding year from Best Stuffing.

During 2018 intercompany Sales amount to $40,000 and on december 31, 2018, $8,000 of these inter-co sales remained unpaid.

Thomas Turkey accounts for its equity investment in Best Stuffing using the equity method. Unconfirmed profits are allocated pro-rata.

Accounts			Thomas Turkey Company	Best Stuffing Co.
DEBITS
	Cash		$ 58,080	$ 42,500
	Accounts Receivables		$ 81,000	$ 60,000
	Inventories		$ 195,000	$ 91,500
	Property, Plant and Equipment, net		$ 189,000	$ 135,000
	Other Assets		$ 85,500	$ 150,000
	Equity Investment		$ 325,500	$ -
	Cost of Goods Sold		$ 432,000	$ 162,000
	Depreciation & Amortization Expense		$ 18,000	$ 14,400
	Operating Expenses		$ 226,000	$ 54,100
	Interest Expense		$ 8,000	$ 3,500
	Dividends Declared		$ 90,000	$ 21,000
		Total Debits	$ 1,708,080	$ 734,000
CREDITS
	Accounts Payable		$ 168,000	$ 35,000
	Notes Payable		$ 80,980	$ 30,000
	Other Liabilities		$ 33,000	$ 39,000
	Common Stock		$ 360,000	$ 195,000
	Retained earnings (Jan 2, 2019)		$ 322,200	$ 165,000
	Sales		$ 720,000	$ 270,000
	Income (loss) from subsidiary		$ 23,900	$ -
		Total Credits	$ 1,708,080	$ 734,000

REQUIRED:

1) Do the required Carryforward schedules for the underlying accounting of Thomas (their ownership %), NCI (their ownership %) and for the Consolidation (100%)