Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $186,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Blank Corporation Corporation Faith Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock 58,000 86,000 115,000 225,000 186,000 31,000 42,000 61,000 157,000 Total Assets $670,000 $291,000 Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Eanings $ 81,000$ 29,000 76,000 55,000 131,000 134,000 98,000 357,000 Total Liabilities and Stockholders' Equity $670,000 $291,000 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 $24,000. 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 2 Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit Record entry Clear entry view consolidation entries b. Prepare a consolidated balance sheet worksheet. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. 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 Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity