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Problem 4-29 (Algo) (LO 4-1, 4-5, 4-6) Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2021, in exchange for $1,117,800 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,397,250. Also at the acquisition date, Stanford's book value was $620,900. Several individual items on Stanford's financial records had fair values that differed from their book values as follows: Book Value Fair Value $322,000 $442,600 Trade names (indefinite life) Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) 256, 800 142,000 276,800 181,200 For internal reporting purposes, Plaza, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2021, for both companies. $ Plaza (932,600) 515,600 218,600 Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Stanford $ (815,900) 354,400 32,100 25, 100 a (404,300) (319,200) $ (517,600) $ Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 $(1,141,700) (517,600) 268, 700 $(1, 390,600) (474,000) (404,300) 25,000 (853,300) $ $ 386,600 Current assets Investment in Stanford Trade names Property and equipment (net) Patents Total assets $ 770, 100 1,417,000 214,900 922,300 0 $ 3,324,300 322,000 224,700 116,900 $ 1,050,200 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (127, 200) (268,700) (1,537,800) (1,390,600) $(3,324,300) $ (50,000) (84,000) (62,900) (853,300) $(1,050, 200) At year-end, there were no intra-entity receivables or payables. Prepare a worksheet to consolidate the financial statements of Plaza, Inc., and its subsidiary Stanford. (For accounts where multiple consolidation 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. Input all amounts as positive values.) Noncontrolling Interest Consolidated Totals $ PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2021 Consolidation Entries Plaza Stanford Debit Credit (932,600) $ (815,900) 515,600 354,400 218,600 32,100 2,500 0 25,100 2,800 (319,200) 0 319,200 (517,600) $ (404,300) $ (79,800) Accounts Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Consolidated net income NCI share of CNI Plaza share of CNI Retained earnings, 1/1/21 Net income Dividends declared Retained earnings, 12/31/21 Current assets Investment in Stanford Tradenames Property and equipment (net) Patents Goodwill 485,500 20,000 5,000 $ $ (1,141,700) $ (474,000) (517,600) (404,300) 268,700 25,000 (1,390,600) $ (853,300) 770,100 $ 386,600 1,417,000 0 214.900 322,000 922,300 224,700 0 116,900 143,700 20,000 120,600 20,000 39,200 596,550 2,500 2,800 $ 3,324.300 $ 1,050,200 Total assets Accounts payable (127,200) (50,000) (268,700) (1,537,800) (84,000) (62,900) 84,000 62,900 Common stock Additional paid-in capital Noncontrolling interest Retained earnings, 12/31 Total liabilities and equities (1,390,600) (853,300) (3,324,300) $ (1,050,200) $ 1,753,250 $ 169,000 $