Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $216,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation Faith Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 68,000 82,000 101,000 213,000 216,000 $ 680,000 $ 35,000 49,000 69,000 155,000 $308,000 $ 77,000 150,000 99,000 354,000 $ 680,000 $ 20,000 72,000 48,000 168,000 $308,000 At the date of the business combination, the book values of Faith's net assets and liabilities approximated fair value. Assume Faith Corporation's accumulated depreciation on buildings and equipment on the acquisition date was $29,000. Required: a. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare a consolidated balance sheet worksheet. (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.) BLANK AND SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X2 Consolidation Entries Blank Faith DR CR Consolidated Assets Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Faith Total Assets $ 0 $ 0 $ 0 $ 0 $ Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 0 $ 0 $ 0 $ 0 $ 0