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Plaza, Inc., acquires 80 percent of the outstanding common shares of Stanford Corporation on January 1, 2018, in exchange for $912,900 in cash. At the acquisition date, the total fair value of Stanford, including the non-controlling interest, was assessed at $1,141,125. Also at the acquisition date, Stanford's book value was $524,500.

Various individual items in Stanford's financial records had fair values that differed from their book values as follows:

	Value in books				fair value
Trade names (indefinite life)	ps	286,700			ps	350.700
Property and equipment (net, remaining life of 8 years)		231,200				248,800
Patent (14 years remaining life)		113,300				146,900

For internal reporting purposes, Plaza, Inc. uses the equity method to account for this investment. The following account balances correspond to the year ended December 31, 2018, of both companies.

	Plaza				Stanford
Income	ps	(755,900	)		ps	(746.500	)
cost of goods sold		417,900				315,500
depreciation expense		177,100				28,900
amortization expenses						22,500
Stanford Revenue Share		(300.000	)			0
Net Income	ps	(460,900	)		ps	(379,600	)
Retained earnings, 1/1/18	ps	(1,016,600	)		ps	(422,000	)
Net Income		(460,900	)			(379,600	)
declared dividends		239,200				22,000
Retained earnings, 12/31/18	ps	(1,238,300	)		ps	(779,600	)
Current assets	ps	685,600			ps	344,300
Investment in Stanford		1,195,300				0
Tradenames		191.400				286,700
Property and equipment (net)		821,500				202,300
patents		0				90,800
total assets	ps	2,893,800			ps	924,100
Accounts payable	ps	(113,300	)		ps	(42,000	)
Common actions		(239,200	)			(84,000	)
Additional payment in principal		(1.303.000	)			(18,500	)
Retained earnings (above)		(1,238,300	)			(779,600	)
Total liabilities and equity	ps	(2.893.800	)		ps	(924,100	)

At year-end there are no intra-entity accounts receivable or payable.

Complete the given  worksheet to consolidate the financial statements of Plaza, Inc. and its Stanford subsidiary.

PLAZA CORPORATION AND STANFORD CORPORATION
Consolidation Worksheet
For the year ending December 31, 2018
			consolidation entries		not controller	Consolidated
accounts	Plaza	Stanford	Debit	Credit	Interest	Totals
Income	$(755,900)	$(746,500)
cost of goods sold	417,900	315,500
depreciation expense	177,100	28,900
amortization expenses	0	22,500
Stanford Revenue Share	(300.000)	0
Net Income	$(460,900)	$(379,600)
Consolidated net income						$0
NCI participation in CNI
CNI quota						$0
Retained earnings, 1/1	$(1,016,600)	$(422,000)
Net Income	(460,900)	(379,600)
declared dividends	239,200	22,000
Retained earnings, 12/31	$(1,238,300)	$(779,600)				$0
Current assets	$ 685,600	$ 344,300
Investment in Stanford	1,195,300	0
Tradenames	191.400	286,700
Property and equipment (net)	821,500	202,300
patents	0	90,800
Goodwill
total assets	$2,893,800	$ 924,100				$0
Accounts payable	(113,300)	(42,000)
Common actions	(239,200)	(84,000)
Additional payment in principal	(1,303,000)	(18,500)
uncontrolled interest
Retained earnings, 12/31	(1,238,300)	(779,600)
Total liabilities and equity	$(2,893,800)	$(924,100)	$0	$0

 

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