Chapter 4 Consolidation of Wholly Owned Subsidiaries Acquired at More than Book Value Balance Sheet Worksheet with Differential Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31 20X2, for S$189,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: LO 4-5 E4-15 Blank Corporation Corporation Faith Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Faith Corporation Stock Total Assets 26,000 87,000 110,000 220,000 189,000 $632,000 18,000 37,000 60,000 150,000 Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity 92,000 150,000 100,000 290,000 265,000 35,000 80,000 60,000 90,000 632,000 265,000 At the date of the business combination, Faith's net assets and liabilities approximated fair value except for inventory, which had a fair value of $84,000, and buildings and equipment (net), which had a fair value of $165,000. Required a. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. b. Prepare a consolidation balance sheet worksheet