2. Vaden Company obtained all of William Co.s common stock on January 1, 2020 by paying $588,000 in cash. As of that date, Williams had the following trial balance:

	Debit	Credit
Cash	$70,000
Accounts receivable	50,000
Supplies	20,000
Land	90,000
Buildings (net) 20-year life	140,000
Equipment (Net) 8-year life	240,000
Intangible assets (indefinite life)	110,000
Accounts payable		$60,000
Long-term liabilities (mature 12/31/24)		180,000
Common stock		300,000
Additional paid-in capital		60,000
Retained earnings 1/1/20		120,000
	$720,000	$720,000

At that date Williams land had a fair value of $102,000, its buildings were valued at $188,000 and its equipment was appraised at $216,000. Any excess of consideration transferred over fair value of assets and liabilities acquired is due to goodwill. During 2020, William reported net income of $96,000 while paying dividends of $12,000. Vaden used the equity method to account for its investment.

Required:

Prepare the consolidation worksheet entries for December 31, 2020.