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Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2018, in exchange for $1155,900 cash. At the acquisition date, Stanford's total fair value, including the noncontrolling interest, was assessed at $1,444,875. Also at the acquisition date, Stanford's book value was $604,800, Several individual items on Stanford's financial records had fair values that differed from their book values as follows: w Book Value $ 321,000 Fair Value $ 463,000 Tradenames (indefinite life Property and equipment (net, 8-year remaining life) Patent (14-year remaining life) 255,200 148,600 276,000 187,800 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, 2018, for both companies. $ Revenues Cost of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net income Plaza (966,400) 534,300 226,400 Stanford $ (803,700) 353,200 31,900 25,200 0 $ (393,400) (310,400) $ (516,100) $(1,138,300) (516,100) 267.900 $(1.386,500) $ (472,500) (393,400) 26,000 $(839,900) Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Current assets Taventment in Stanford tradename Property and equipment (net) Patents Total assets $ 767,700 1,405,500 214,300 919,500 0 $ 3,347,300 385,500 0 321,000 223,300 121,400 $1,053,200 $ Plaza (966,400) 534,300 226,400 Revenues Coat of goods sold Depreciation expense Amortization expense Equity in income of Stanford Net Income Retained earnings, 1/1/18 Net income Dividends declared Retained earnings, 12/31/18 Stanford $ (803,700) 353,200 31,900 25,200 0 $ (393,400) (310, 400) $ (516,100) $(1,139,300) (516,100) 267,900 $(1,386,500) $ (472,500) (393,400) 26,000 $ (839,900) Current assets Investment in Stanford Tradenames Property and equipment (net) Patents Total assets $ 767, 700 1,445,500 214,300 919,800 0 $ 3,347,300 $ 385,500 0 321,000 223,300 123,400 $ 1,053,200 Accounts payable Common stock Additional paid-in capital Retained earnings (above) Total liabilities and equities $ (126,900) (267, 900) (1,566,000) (1,386,500) $43,347,300) $ (81,000) (86,000) (46,300) (839,900) 5(1,053,200) 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 whete 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. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for the Noncontrolling Interest and Consolidated Totals columns should be entered with a minus sign.) Consolidated Totals 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 PLAZA CORPORATION AND STANFORD CORPORATION Consolidation Worksheet For Year Ending December 31, 2018 Consolidation Entries Noncontrolling Plaza Stanford Debit Credit Interest $ (966,400) $ (803,700) 534,300 353,200 226,400 31,900 0 25,200 (310,400) 0 $ (516,100) $ (393,400) Retained earings, 1/1 Net income Dividends declared Retained earnings, 12/31 Current assets Investment in Stanford Tradenamos Property and equipment (net) Palents Goodwill Total assets $ (1,138,300) $ (472,500) (516,100) (393.400) 267.900 26,000 $ (1,386,500) S (839,900) $ 767.700$ 385,500 1,445,500 0 214,300 321,000 919,800 223,300 0 123,400 $ 3,347,300 $ 1.053,200 > 10 10,100) (393,400) Net income Consolidated net income NCI share of CNI Plaza share of CNI Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 $ $ (472,500) (1,138,300) (516,100) (393,400) 267.900 26,000 $ $ (839,900) (1.386,500) $ 767,700 S 385,500 1,445,500 0 214,300 321,000 919,800 223,300 0 123,400 Current assets Investment in Stanford Tradonames Property and equipment (net) Patents Goodwill Total assets Accounts payable Common stock Additional pald-in capital Noncontrolling interest Retained earnings, 12/31 Total abilities and equities $ 3,347,300 $ 1,053,200 (126,900) (81,000) (267900) (86,000) (1,566,000) (46,300) (839,900) (1.386,500) $ (3.347 300) S (1.053,200)