Priya Corporation acquired 70 percent of Sheldon Company stock on January 1, 2017 for $694,015 cash. The fair market value of the 30 percent noncontrolling interest on this date was $297,435.

Following are trial balances of Priya Corporation and Sheldon Company as of December 31, 2017:

					PRIYA	CORPORATION		SHELDON	COMPANY
					Debit	Credit		Debit	Credit
	Cash				$ 1,458,985			$ 233,450
	Accounts Receivable				$ 593,000			$ 195,000
	Inventory				$ 628,000			$ 174,000
	Investme nt in Sheld on				$ 783,517			$ ?
	Land				$ 470,000			$ 247,000
	Buildings				$ 510,000			$ 295,000
	Equipme nt				$ 633,000			$ 184,000
	Cost of G oods Sold				$ 384,000			$ 236,000
	Depreciat ion Expen se, Buildin g				$ 25,500			$ 14,750
	Depreciat ion Expen se, Equipm ent				$ 63,300			$ 18,400
	Selling & Administrative Expe nse				$ 246,600			$ 53,000
	Dividends Declared				$ 50,000			$ 20,000
	Accumula ted Depre ciation, Bl dg					$ 127,500			$ 59,000
	Accumula ted Depre ciation, Eq uip					$ 189,900			$ 73,600
	Accounts Payable					$ 171,000			$ 67,000
	Bonds Pa yable					$ 400,000			$ 100,000
	Common Stock					$ 525,000			$ 70,000
	Additiona l Paid In C apital					$ 2,625,000			$ 490,000
	Retained Earnings ( 01/01/2017)					$ 792,000			$ 326,000
	Sales					$ 912,000			$ 485,000
	Income fr om Sheldo n Compan y					$ 103,502			$ ?
					$ 5,845,902	$ 5,845,902		$ 1,670,600	$ 1,670,600

Additional Information:

On January 1, 2017 the fair market value of Sheldon's assets equaled their book value with the exception of: Inventory was undervalued by $ 18,000 (all of this inventory was sold during 2017)

Land was overvalued by $9,000

Building was undervalued by $74,250 (remaining life was estimated to be 15 years)

Equipment was overvalued by $39,800 (remaining life was estimated to be 5 years)

Any new Goodwill from the acquisition is not impaired at year?end.

Prepare the consolidation worksheet for the period ended December 31, 2017. You may use the template provided below

PRIYA CORPORATION AND SHELDON COMPANY Consolidation Workshect For the Period Ending December 31, 2017 PRIYA's SHELDON's Consolidated Totals CONSOLIDATION ENTRIES Accounts Debit Credit Income Statemen 485,000 12,000 384,000(236,000) 5,00(14,750) 63300$(18,400) (246,600)$(53,000 103,502 96,102$162,850 Sales Less:Cost of Goods Sold Less Less: Depreciation Expense, Equipment Less Depreciation Expense, Building Selling & Administrative Expense Income from Sheldon Company Consolidated Net Income NCI in Net Income Controlling Interest in Net Income 296,102 $ 162,850 Statement of Retained Earnin Retained Earnings (01/01/2017) Net income (above) Dividends Declared 92,000 326,000 296,102 $162,850 20,000 1,038,102 $468,850 Retained earnings, 12/31/17 Balance Sheet ,458,985233,450 Cash Accounts Receivable Inventory Investment in Sheldon 93,000195,000 628,000 174,000 783,517 Land Buildings Equipment Accumulated Depreciation, Bldg Accumulated Depreciation, Equip Goodwill (NEW) 70,000247,000 00295,000 00$184,000 (127,500) (59,000) 189,900)(73,600) Total Assets $1,195,850 171,000$ Accounts Payable Bonds Payable Common Stock ($1 par) Additional Paid In Capital Retained earnings, 12/31/17 (above) NCI in Net Assets 67,000 400,000 $100,000 70,000 ,625,000490,000 1,038,102468,850 5,00$ Total Liabilities & Stockholders' Equity 4,759,1021,195,850 NET ASSETS CONTROLLING INTEREST ASSETS-UABILITIES-NCINA ASSETS-LIABILITIES TOTAL STOCKHOLDERS' EQUITY TOTAL STOCKHOLDERS' EQUITY CONTROLLING INTEREST PRIYA CORPORATION AND SHELDON COMPANY Consolidation Workshect For the Period Ending December 31, 2017 PRIYA's SHELDON's Consolidated Totals CONSOLIDATION ENTRIES Accounts Debit Credit Income Statemen 485,000 12,000 384,000(236,000) 5,00(14,750) 63300$(18,400) (246,600)$(53,000 103,502 96,102$162,850 Sales Less:Cost of Goods Sold Less Less: Depreciation Expense, Equipment Less Depreciation Expense, Building Selling & Administrative Expense Income from Sheldon Company Consolidated Net Income NCI in Net Income Controlling Interest in Net Income 296,102 $ 162,850 Statement of Retained Earnin Retained Earnings (01/01/2017) Net income (above) Dividends Declared 92,000 326,000 296,102 $162,850 20,000 1,038,102 $468,850 Retained earnings, 12/31/17 Balance Sheet ,458,985233,450 Cash Accounts Receivable Inventory Investment in Sheldon 93,000195,000 628,000 174,000 783,517 Land Buildings Equipment Accumulated Depreciation, Bldg Accumulated Depreciation, Equip Goodwill (NEW) 70,000247,000 00295,000 00$184,000 (127,500) (59,000) 189,900)(73,600) Total Assets $1,195,850 171,000$ Accounts Payable Bonds Payable Common Stock ($1 par) Additional Paid In Capital Retained earnings, 12/31/17 (above) NCI in Net Assets 67,000 400,000 $100,000 70,000 ,625,000490,000 1,038,102468,850 5,00$ Total Liabilities & Stockholders' Equity 4,759,1021,195,850 NET ASSETS CONTROLLING INTEREST ASSETS-UABILITIES-NCINA ASSETS-LIABILITIES TOTAL STOCKHOLDERS' EQUITY TOTAL STOCKHOLDERS' EQUITY CONTROLLING INTEREST