On December $28,20$X$3,$ Stern Corporation and Ram Company established S&R Partnership, with cash contributions of $$17,000$ and $$68,000,$ respectively. The partnership$$s purpose is to purchase from Stern accounts receivable that have an average collection period of $80$ days and hold them to collection. The partnership borrows cash from Midtown Bank and purchases the receivables without recourse but at an amount equal to the expected percent to be collected, less a financing fee of $4$ percent of the gross receivables. Stern and Ram hold $20$ percent and $80$ percent of the ownership of the partnership, respectively, and Stern guarantees both the bank loan made to the partnership and a $20$ percent annual return on the investment made by Ram. Stern receives any income in excess of the $20$ percent return guaranteed to Ram. The partnership agreement provides Stern total control over the partnership$$s activities. On December $31,20$X$3,$ Stern sold $$8,030,000$ of accounts receivable to the partnership. The partnership immediately borrowed $$7,600,000$ from the bank and paid Stern $$7,460,000.$ Prior to the sale, Stern had established a $$405,000$ allowance for uncollectibles on the receivables sold to the partnership. The balance sheets of Stern and S&R immediately after the sale of receivables to the partnership contained the following:

$$Stern CorporationS&R PartnershipCash$ $7,962,000$$ $381,200$Accounts Receivable$4,220,0008,030,000$Allowance for Uncollectible Accounts$(223,000)(405,000)$Other Assets$5,440,000$Prepaid Finance Charges$321,200$Investment in S&R Partnership$17,000$Accounts Payable$947,000$Deferred Revenue$321,200$Bank Notes Payable$7,600,000$Bonds Payable$9,650,000$Common Stock$688,000$Retained Earnings$6,452,200$Capital$,$ Stern Corporation$17,000$Capital, Ram Company$68,000$

Required:

Assuming that Stern is S&R$\text{'}$s primary beneficiary, prepare a consolidated balance sheet for Stern at January $1,20$X$4.$

Note: Amounts to be deducted should be indicated by a minus sign.