Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2 for $217.000. 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 $ 56,000 83, cea 101,899 213,800 217, e88 $670,000 $ 28,00 52,80 68,000 168,000 $308,082 $ 86,699 143,00 91, cea 350,899 $670, 800 $ 20,00 71, we 47,080 179,00 $308,888 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 $15,000. 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 deblt 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 DR CR Blank Faith Consolidated Assets Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Faith Total Assets s 0 $ 0 $ 0 $ 0 s 0 Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity S S $ S 0 $ 0