Pisa Inc. paid $1,040,000 to acquire all the common shares of Sienna Ltd., and Sienna Ltd. owes Pisa Inc. $120,000 on a note payable. The fair market value of Sienna's net assets equalled the book value. Immediately after the purchase on June 30, 2014, the two companies' balance sheets were as shown below.

Required
Prepare a consolidation work sheet.

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Pisa Inc Sienna Ltd Assets Cash Accounts receivable, net Note receivable from Sienna Ltd. Inventory Investment in Sienna Ltd. Property, plant, and equipment, net Total Liabilities and Shareholders' Equity Accounts pavable Notes payable Note payable to Pisa Inc. Other liabilities Common shares Retained earnings Total $ 80,000 288,000 120,000 480,000 1,040,000 608,000 $2,616,000 $ 72,000 144,000 388,000 720,000 $1,324,000 $ 192,000 588,000 204,000 880,000 752,000 $2,616,000 $ 128,000 224,000 120,000 12,000 440,000 400,000 $1,324,000