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Plaza Corporation purchased 70 percent of Square Company's voting common stock on January 1, 2005, for $299,600. On that date, the noncontrolling interest had a fair value of $128.400 and the book value of Square's net assets was $392,000. The book values and fair values of Square's assets and liabilities were equal except for land that had a fair value $14,000 higher than book value. The amount attributed to goodwill as a result of the acquisition is not amortized and has not been impaired. PLAIA CORPORATION AND SQUARE COMPANY Trial Balance Data December 31, 2009 Plaza Corporation Square Company Item Debit Credit Debit Credit Cash and Receivables 97,300 $101,000 Inventory 216,000 116,000 Land, Buildings, Equipment (net) 286,000 266,000 Investment in Square Company 316,956 Cost of Goods & Services 184,000 134,000 Depreciation Expense 29,000 19.000 Dividends Declared 24,000 5,000 Sales & Service Revenue $ 314,000 $214,000 Income from Square Company 52,656 Accounts Payable 59,000 21,000 Common Stock 195,000 162,000 Retained Earnings 532,600 244,000 Total $1,153, 256 $1,153,256 $641,000 $641,000 On January 1, 20X9, Plaza's inventory contained $38,000 of unrealized intercompany profits recorded by Square, Square's Inventory on that date contained $15,000 of unrealized intercompany profits recorded on Plaza's books. Both companies sold their ending 20x8 inventories to unrelated companies in 20X9. During 20X9, Square sold inventory costing $52,000 to Plaza for $77,000. Plaza held all inventory purchased from Square during 20x9 on December 31, 20X9. Also during 20X9, Plaza sold goods costing $62,400 to Square for $104,000. Square continues to hold $35,360 of its purchase from Plaza on December 31, 20X9. Assume Plaza uses the fully adjusted equity method. Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet as of December 31, 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Credit Entry 1 A Accounts Common stock Retained earnings Income from Square Company NCI in NI of Square Company Dividends declared Investment in Square Company NCI IN NA of Square Company Debit 162,000 244,000 52,656 19,500 5,000 331,209 X 141,927 B 2 Land Goodwill Investment in Square Company NCI IN NA of Square Company 14,000 22,000 OOC 25,200 10,800 3 Investment in Square Company NCI IN NA of Square Company Cost of goods sold 41,600 11,400 53,000 D 4 181,000 Sales Inventory Cost of goods sold OO 39,144 141,856 b. Prepare a consolidation worksheet as of December 31, 20X9. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PLAZA CORPORATION & SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 2029 Consolidation Entries Plaza Corp Square Co. DR CR Consolidated Income Statement Sales $ 314,000 $ 214,000 $ 181,000 $ 347,000 Less: COGS (184,000) (134,000) 194,856 (123,144) Less: Depreciation Expense (29,000) (19,000) (48,000) Income from Square Company 52,656 52,656 0 Consolidated Net Income 153,656 61,000 233,656 194856 175,856 NCI In Net Income 19,500 (19,500) Controlling Interest in Net Income $ 153,656 $ 61,000 $ 253,156 $ 194,856 $ 156,356 Statement of Retained Earnings Beginning balance $ 532,600 $ 244,000 $ 244,000 $ 532,600 Net income 153,656 61,000 253,156 194,856 156,356 Less: Dividends declared (24,000) (5,000) 5.000 (24,000) Ending Balance $ 662,256 $ 300,000 $ 497,156 $ 199,856 $ 664,956 Balance Sheet Cash and Receivable $ 97,300 101.000 $ 198,300 Inventory 216,000 116,000 39,144 292,856 Land, Buildings, & Equipment (net) 286,000 266,000 14,000 566,000 Investment in Square Company 316,956 41,600 356,409 2,147 Goodwill 22,000 22,000 Total Assets $ 916,256 $ 483,000 S 77,600 $ 395,553 $ 1,081,303 Accounts Payable $ 59,000 $ 21,000 $ 80,000 Common Stock 195,000 162,000 162,000 195,000 Retained Earnings 662,256 300,000 497,156 199,856 664,956 NCI IN NA of Square Company 11,400 152.727 X 141,327 Total Liabilities & Equity $ 916,256 $ 483,000 $ 670,556 $ 352,583 $ 1,081,283 *Rar tavt indicateen recance was vertel in a roll ar a formula.hace calculation is incorrect an ninte derarter