The following are preliminary financial statements for Black Co. and Blue Co. for the year ending December 31, 20X1. Black Co. Blue Co.

**8. The following are preliminary financial statements for Black Co. and Blue Co. for the year ending December 31, 20X1. Black Co. Blue Co. Sales $360,000 $228,000Expenses (240,000) (132,000)Net income $120,000 $ 96,000Retained earning, January 1, 20X1 $480,000 $252,000Net income (from above)120,00096,000Dividends paid(36,000)-0-Retained earnings, December 31, 20X1 $564,000 $348,000Current assets $360,000 $120,000Land120,000108,000Building (net)480,000336,000Total assets $960,000 $564,000Liabilities $108,000 $132,000Common stock192,00072,000Additional paid-in capital96,00012,000Retained earnings, December 31,20X1564,000348,000Total liabilities and stockholders’ equity $960,000 $564,000On December 31, 20X1 (subsequent to the preceding statements), Black exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Blue. Black's stock on that date has a fair value of $50 per share. Black was willing to issue 10,000 shares of stock because Blue's land was appraised at $204,000. Black also paid $14,000 to several attorneys and accountants who assisted in creating this combination. Required: Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 20X1 assuming the transaction is treated as a purchase combination.