Pste of an Interest During Accounting Period, Upstream Building Sale sa ,SAA was a 90 percent-owned etotal net assets for Piero SAA es and liabilities of Piero SAA is the same as the fair value. The trial balance o lows (in thousands): subsidiary of Isac SAA aquired for $3.600.000 on January 1,2014. at the acquisition date were $3,800,000. The book value identifiable for the year ended 2014 is as fol Debits Cash Accounts receivable Inventory Land Equipment Investment in Piero SAA Cost of sales Other expenses Dividends Isac SAA Piero SAA S 900 S 200 S 1,640 S 2.100 S 3,000 $ 2.835 s 5,800 s 400 S 200 $ 17,075 S 400 S 700 S 700 $ 2.800 $ 1,400 $ 2,800 S 700 Total 200 $9,700 Credits Accounts payable Common stock Additional-paid in capital Retained Earnings Sales Income from Piero SAA $ 1,900 S 5,000 $ 50 2,500 S 7,400 $ 225 $17,075 $1,400 $ 2,000 $1,800 $ 4,500 Total $9,700 ADDITIONAL INFORMATION: 1. On March 31, 2014, Isac SAA sold 20 percent of its ownership in Piero SAA for $900,000. 2. On July 1 2013, Piero SAA sold equipment to Isac SAA, with a profit of $500,000. The equipment has remaining useful life of 5 years and 3. The only dividend declared during the year by Piero SAA was on August 1, 2014. 4. Piero SAA income and expenses occurred proportionately during the year. REQUIRED: Prepare a workpaper to consolidate the financial statement of Isac SAA and subsidiary for the year ended December 31, 2014. Pste of an Interest During Accounting Period, Upstream Building Sale sa ,SAA was a 90 percent-owned etotal net assets for Piero SAA es and liabilities of Piero SAA is the same as the fair value. The trial balance o lows (in thousands): subsidiary of Isac SAA aquired for $3.600.000 on January 1,2014. at the acquisition date were $3,800,000. The book value identifiable for the year ended 2014 is as fol Debits Cash Accounts receivable Inventory Land Equipment Investment in Piero SAA Cost of sales Other expenses Dividends Isac SAA Piero SAA S 900 S 200 S 1,640 S 2.100 S 3,000 $ 2.835 s 5,800 s 400 S 200 $ 17,075 S 400 S 700 S 700 $ 2.800 $ 1,400 $ 2,800 S 700 Total 200 $9,700 Credits Accounts payable Common stock Additional-paid in capital Retained Earnings Sales Income from Piero SAA $ 1,900 S 5,000 $ 50 2,500 S 7,400 $ 225 $17,075 $1,400 $ 2,000 $1,800 $ 4,500 Total $9,700 ADDITIONAL INFORMATION: 1. On March 31, 2014, Isac SAA sold 20 percent of its ownership in Piero SAA for $900,000. 2. On July 1 2013, Piero SAA sold equipment to Isac SAA, with a profit of $500,000. The equipment has remaining useful life of 5 years and 3. The only dividend declared during the year by Piero SAA was on August 1, 2014. 4. Piero SAA income and expenses occurred proportionately during the year. REQUIRED: Prepare a workpaper to consolidate the financial statement of Isac SAA and subsidiary for the year ended December 31, 2014