4-28 (Static) Consolidated Balance Sheet LO 4-5 Powder Company spent $240,000 to acquire all of Sawmill Corporation's stock on January 1, 20X2. The balance sheets of the two companies on December 31, 20X3, showed the following amounts: Powder Company Sawmill Corporation Cash $ 30,000 $ 20,000 Accounts Receivable 100,000 40,000 Land 60,000 50,000 Buildings and Equipment 500,000 350,000 Less: Accumulated Depreciation (230,000) (75,000) Investment in Sawmill Corporation 252,000 $ 712,000 $ 385,000 Accounts Payable $ 80,000 $ 10,000 Taxes Payable 40,000 70,000 Notes Payable 100,000 85,000 Common Stock 200,000 100,000 Retained Earnings 292,000 120,000 $ 712,000 $ 385,000 Sawmill reported retained earnings of $100,000 at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of 10 years from the date of acquisition. Assume Sawmill's accumulated depreciation on the acquisition date was $25,000. Required: Prepare the appropriate consolidation entry or entries needed to prepare a consolidated balance sheet as of December 31, 20X3. Prepare a consolidated balance sheet worksheet as of December 31, 20X3