Pot Incorporated acquired all Seed Incorporated's outstanding $27 par common stock on December 31, 20X3, in exchange for 42,000 shares of its $27 par common stock. Pot's common stock closed at $58.50 per share on a national stock exchange on December 31, 20X3. Both corporations continued to operate as separate businesses maintaining separate accounting records with years ending December 31. On December 31, 20X4, after year-end adjustments and the closing of nominal accounts, the companies had condensed balance sheet accounts (below). Seed Assets Cash Accounts and Other Receivables Inventories Land Depreciable Assets (net) Investment in Seed Incorporated Long-Term Investments and Other Assets Total Assets Liabilities and Stockholders' Equity Accounts Payable and Other Current Liabilities Long-Term Debt Common Stock, $27 Par Value Additional Paid-In Capital Retained Earnings Pot Incorporated Incorporated $ 836,000 2,142,000 2,312,000 650,000 4,587,000 2,833,000 880,000 $ 14,240,000 $ 2,460,000 1,891,000 3,328,000 1,323,000 5,238,000 $ 342,000 835,000 1,047,000 308,000 1,983,000 395,000 $ 4,910,000 $ 1,136,000 1,287,000 1,134,000 188,000 1,165,000 Total Liabilities and Stockholders' Equity $ 14,240,000 $ 4,910,000 Additional Information 1. Pot uses the equity-method of accounting for its investment in Seed. 2. On December 31, 20X3, Seed's assets and liabilities had fair values equal to the book balances with the exception of land, which had a fair value of $654,000. Seed had no land transactions in 20X4. 3. On June 15, 20X4, Seed paid a cash dividend of $5 per share on its common stock. 4. On December 10, 20X4, Pot paid a cash dividend totaling $265,000 on its common stock. 5. On December 31, 20X3, immediately before the combination, the stockholders' equity balance was: Common Stock Additional Paid-In Capital Retained Earnings Seed Pot Incorporated Incorporated $ 2,194,000 1,645,000 4,018,000 $ 7,857,000 $ 1,134,000 188,000 789,000 $ 2,111,000 6. The 20X4 net income amounts according to the separate books of Pot and Seed were $899,000 (exclusive of equity in Seed's earnings) and $586,000, respectively. Required: Prepare a consolidated balance sheet worksheet for Pot and its subsidiary, Seed, for December 31, 20X4. A formal consolidated balance sheet is not required Note: Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Answer is not complete. POT INCORPORATED AND SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X4 Pot Incorporated Seed Incorporated Consolidation Entries Consolidated Debit Credit Assets Cash Accounts and other receivables Inventory Land Depreciable assets (net) Investment in Seed Incorporated Long-term investments and other assets Total Assets Liabilities and Stockholders' Equity Accounts payable and other current liabilities Long-term debt Common stock S 836,000 $ 342,000 $ 1,178,000 2,142,000 2,312,000 835,000 2,977,000 1,047,000 3,359,000 650,000 308,000 346,000 1,304,000 4,587,000 1,983,000 6,570,000 2,833,000 2,833,000 880,000 $ 14,240,000 395,000 $ 4,910,000 1,275,000 $ 346,000 $ 0 $ 19,496,000 $ 2,460,000 $ 1,136,000 $ 3,596,000 1,891,000 1,287,000 3,178,000 3,328,000 1,134,000 4,462,000 1,323,000 5,238,000 188,000 1,165,000 1,511,000 6,403,000 Total Liabilities and Equity $ 14,240,000 $ 4,910,000 0 $ 0 $ 19,150,000 Additional Paid-in capital Retained earnings