Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $212,000....

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Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $212,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Assets Blank Corporation $ 67,000 78,000 113,000 223,000 212,000 Faith Corporation $ 31,000 42,000 65,000 154,000 $292,000 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 $693,000 $ 88,800 136,000 $ 16,000 64,000 87,000 45,000 382,800 $693,000 167,000 $292,000 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 $21,000. 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.) view transaction list Consolidation Worksheet Entries A B Record the basic consolidation entry. Note: Enter debits before credits. Event 1 Accounts Debit Credit Record entry Clear entry view consolidation entries Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $212,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Assets Blank Corporation $ 67,000 78,000 113,000 223,000 212,000 Faith Corporation $ 31,000 42,000 65,000 154,000 $292,000 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 $693,000 $ 88,800 136,000 $ 16,000 64,000 87,000 45,000 382,800 $693,000 167,000 $292,000 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 $21,000. 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.) view transaction list Consolidation Worksheet Entries A B Record the basic consolidation entry. Note: Enter debits before credits. Event 1 Accounts Debit Credit Record entry Clear entry view consolidation entries