Pillow Company purchased 90% of the common stock of Satin Company on May 1, 2009, for a cash payment of $474,000. December 31, 2009, trial balances for Pillow and Satin were:

Satin Company declared a $60,000 cash dividend on December 20, 2009, payable on January 10, 2010, to stockholders of record on December 31, 2009. Pillow Company recognized the dividend on its declaration date. Any difference between book value and the value implied by the purchase price relates to subsidiary land, included in property and equipment.

Required:
Prepare a consolidated statements workpaper at December 31, 2009, assuming that revenue and expense accounts of Satin Company for the entire year are included with those of Pillow Company. (Assume the full-year reportingalternative.)

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Pillne Satin s90,600 179,200 Current Assets Treasury Stock at Cost, 500 shares Investment in Satin Company Property and Equipment Cost of Goods Sold Other Expenses Dividends Declared 32,000 562,000 584.000 242,000 60,000 $3,979,600 1,659,200 510,000 1,334,000 1,261,000 484,000 Total Accounts and Notes Payable Dividends Payable Capital Stock, $10 par value Other Contributed Capital Retained Earnings Sales Equity in Subsidiary Income $ 270,240 124,000 60,000 200,000 90,000 209,200 976,000 1,000,000 364,000 315,360 1,940,000 90,000 Total $3,979,600 $1,659,200