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Plaza, Incorporated, acquires $80$ percent of the outstanding common stock of Stanford Corporation on January $1,2024,$ 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:

Items Book Value Fair Value

Trade names $($indefinite life$)$ $ $322,000$ $ $442,600$

Property and equipment $($net$,8-$year remaining life$)256,800276,800$

Patent $(14-$year remaining life$)142,000181,200$

For internal reporting purposes, Plaza, Incorporated, employs the equity method to account for this investment. The following account balances are for the year ending December $31,2024,$ for both companies.

Accounts Plaza Stanford

Revenues $ $(932,600)$ $ $(815,900)$

Cost of goods sold $515,600354,400$

Depreciation expense $218,60032,100$

Amortization expense $025,100$

Equity in income of Stanford $(319,200)0$

Net income $ $(517,600)$ $ $(404,300)$

Retained earnings, $1/1/24$ $ $(1,141,700)$ $ $(474,000)$

Net income $(517,600)(404,300)$

Dividends declared $268,70025,000$

Retained earnings, $12/31/24$ $ $(1,390,600)$ $ $(853,300)$

Current assets $ $770,100$ $ $386,600$

Investment in Stanford $1,417,0000$

Trade names $214,900322,000$

Property and equipment $($net$)922,300224,700$

Patents $0116,900$

Total assets $ $3,324,300$ $ $1,050,200$

Accounts payable $ $(127,200)$ $ $(50,000)$

Common stock $(268,700)(84,000)$

Additional paid$-$in capital $(1,537,800)(62,900)$

Retained earnings $($above$)(1,390,600)(853,300)$

Total liabilities and equities $ $(3,324,300)$ $ $(1,050,200)$

At year$-$end, there were no intra$-$entity receivables or payables.

Required:

Prepare a worksheet to consolidate the financial statements of Plaza, Incorporated, and its subsidiary Stanford.