Blank Corporation acquired $100$ percent of Faith Corporation's common stock on December $31,20\backslash$times $2,$ for $$210,000.$ 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 Faith's net assets and liabilities approximated fair value. Assume that Faith

Corporation's accumulated depreciation on buildings and equipment on the acquisition date was $$21,000.$

Required:

Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business

combination.

b$.$ Prepare a consolidated balance sheet worksheet.

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Required B

Prepare a consolidated balance sheet worksheet.

Note: 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.

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