On January 1, 2017, Mona, Inc., acquired 80 percent of LisaCompany’s common stock as well as 60 percent of its preferredshares. Mona paid $78,000 in cash for the preferred stock, with acall value of 110 percent of the $50 per share par value. Theremaining 40 percent of the preferred shares traded at a $47,000fair value. Mona paid $584,000 for the common stock. At theacquisition date, the noncontrolling interest in the common stockhad a fair value of $146,000. The excess fair value over Lisa’sbook value was attributed to franchise contracts of $73,000. Thisintangible asset is being amortized over a 40-year period. Lisapays all preferred stock dividends (a total of $21,000 per year) onan annual basis. During 2017, Lisa’s book value increased by$70,000.

On January 2, 2017, Mona acquired one-half of Lisa's outstandingbonds payable to reduce the business combination's debt position.Lisa's bonds had a face value of $100,000 and paid cash interest of8 percent per year. These bonds had been issued to the public toyield 10 percent. Interest is paid each December 31. On January 2,2017, these bonds had a total $93,660 carrying amount. Mona paid$53,465, indicating an effective interest rate of 6 percent.

On January 3, 2017, Mona sold Lisa fixed assets that hadoriginally cost $113,000 but had accumulated depreciation of$90,000 when transferred. The transfer was made at a price of$146,000. These assets were estimated to have a remaining usefullife of 10 years.

The individual financial statements for these two companies forthe year ending December 31, 2018, are as follows:

	Mona, Inc.				Lisa Company
Sales and other revenues	$	(526,000	)		$	(226,000	)
Expenses		233,000				133,000
Dividend income—Lisa common stock		(18,400	)			0
Dividend income—Lisa preferred stock		(12,600	)			0
Net income	$	(324,000	)		$	(93,000	)
Retained earnings, 1/1/18	$	(713,000	)		$	(526,000	)
Net income (above)		(324,000	)			(93,000	)
Dividends declared—common stock		105,800				23,000
Dividends declared—preferred stock		0				21,000
Retained earnings, 12/31/18	$	(931,200	)		$	(575,000	)
Current assets	$	143,419			$	513,000
Investment in Lisa—common stock		584,000				0
Investment in Lisa—preferred stock		78,000				0
Investment in Lisa—bonds		51,833				0
Fixed assets		1,113,000				813,000
Accumulated depreciation		(313,000	)			(213,000	)
Total assets	$	1,657,252			$	1,113,000
Accounts payable	$	(413,052	)		$	(115,472	)
Bonds payable		0				(100,000	)
Discount on bonds payable		0				3,472
Common stock		(313,000	)			(213,000	)
Preferred stock		0				(113,000	)
Retained earnings, 12/31/18		(931,200	)			(575,000	)
Total liabilities and equities	$	(1,657,252	)		$	(1,113,000	)
What consolidation worksheet adjustments would have beenrequired as of January 1, 2017, to eliminate the subsidiary'scommon and preferred stocks? What consolidation worksheet adjustments would have beenrequired as of December 31, 2017, to account for Mona's purchase ofLisa's bonds? What consolidation worksheet adjustments would have beenrequired as of December 31, 2017, to account for the intra-entitysale of fixed assets? Assume that consolidated financial statements are being preparedfor the year ending December 31, 2018. Calculate the consolidatedbalance for each of the following accounts: Franchises Fixed Assets Accumulated Depreciation Expenses