The accountant for Belchfire Motors was called away after completing only half of the consolidated statements at the end of \(20 \mathrm{X} 4\). The data left behind included the following:

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a. Belchfire Motors purchased shares of Premium Body Shop at underlying book value on January 1, 20X1. What portion of the ownership of Premium Body Shop does Belchfire apparently hold?

b. Compute the consolidated totals for each of the remaining balance sheet items.

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Item Belchfire Motors Premium Body Shop Cash $ 40.000 $ 20,000 Accounts Receivable Inventory 180.000 30.000 Consolidated $ 60,000 220.000 50,000 Buildings and Equipment (net) 300.000 290,000 200.000 270.000 590.000 Investment in Premium Body Shop 150.000 Total Debits $890,000 $390.000 $1.120.000 Accounts Payable $ 30,000 $ 40,000 Bonds Payable 400.000 Common Stock 200.000 200,000 100.000 Retained Earnings 260,000 50.000 Total Credits $890.000 $390.000