Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $205,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: 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 Blank Corporation $ 70,000 81,000 105,000 223,000 205,000 $684,000 $ 92,000 Faith Corporation $ 20,000 42,000 79,000 159,000 $300,000 $ 23,000 147,000 72,000 89,000 45,000 356,000 $684,000 160,000 $300,000 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 $12,000. 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.) > Answer is not complete. No Event A 1 Investment in Faith Cash B 2 Accumulated depreciation Accounts Debit 205,000 Credit 205,000 12,000