Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20x2, for $231,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Assets Blank Corporation Faith Corporation Cash $ 64,000 81,000 102,000 212,000 231,000 $690,000 $ 29,000 41,000 69,000 169,000 $308,000 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 $ 73,000 143,000 87,000 387,000 $690,000 $ 16,000 61,000 53,000 178,000 $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 $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.) Consolidation Worksheet Entries B > Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit 1 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits. Accounts Debit Credit Event 2 2 Record entry Clear entry view consolidation entries 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 $ 0 Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 0 $ 0 $ 0 $ 0 $ 0