a.Prepare the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination.

b.Prepare a consolidated balance sheet worksheet.

c.Prepare a consolidated balance sheet in good form.

Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31,204, for $99,400. At that date, the fair value of the noncontrolling interest was $42,600. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: At the date of the business combination, the book values of Smart's assets and liabilities approximated fair value except for inventory, which had a fair value of $96,000, and buildings and equipment, which had a fair value of $200,000. At December 31, 20X4, Phone reported accounts payable of $12,800 to Smart, which reported an equal amount in its accounts receivable