control Consolidated Workpaper, Partially Owned Subsidiary-Subsequent Years, Cost Method P. Company purchased 90% of the outstanding common stock of S.e Company on January 1, 2016, for $450,000. At that time, S. Company had stockholders' equity consisting of common stock, $200,000, other contributed capital, $160,000; and retained earnings, $90,000. On December 31, 2020, trial balances for P. Company and S. Company were as follows: P. Dr. S. Cr. Dr. Cr. Cash $ 109,000 $ 78,000 Accounts Receivable 166,000 94,000 Note Receivable 75,000 0 Inventory 309,000 Investment in S. Company 450,000 Plant and Equipment 940,000 158,000 0 420,000 Land 160,000 70,000 Dividends Declared 70,000 50,000 Cost of Goods Sold 822,000 242,000 Operating Expenses 250,500 124,000 Accounts Payable $ 132,000 $ 46,000 Notes Payable 300,000 120,000 Common Stock 500,000 200,000 Other Contributed Capital Retained Earnings, 1/1 260,000 687,000 160,000 210,000 Sales Dividend and Interest Income 1,420,000 52,500 500,000 0 P. Company's note receivable is receivable from S. Company. Interest of $7,500 was paid by S. to P. during 2020. Any difference between book value and the value implied by the purchase price relates to goodwill. Required: Prepare a consolidated statements workpaper on December 31, 2020