consolidated balance sheet Accounting, Don't copy paste from other websites

Purtiled Oil Company and Miewest Pipeine Corporation established Venture Campsrry to canduct of exploratian actfvilies In North America to reduce their dependence on imported crude oll. Widwest Pipaline purchased all 20,000 shores of the nevily crealed company far $10 each. Purlfied Dil agreed ta purchase al of Venture's output at market price, guarantee up to $5 millian of debt for Venture and absorb all lesses if the compsny proved unsuccessful. Furified and Midwest agreed to share equally the profits up to $80,000 per year and to allocate 70 percent of those in excess of $80,000 to Purified and 30 percent to Midwest. Wenture immedlately borrowed $3 million from Second National Bank and purchased land, drilling equpment, and supplies to slart its operailons Following these vesset purchoses, Venture and Purified OA reported the following balances: The aniy disclosune that Purified Ol curently provides in is financisi stotements with respect to its relationstip with Mudwest Pipeline Required: Assuming that Venture is considered to be a variable interest entity and Purified Oil is the primary beneficiary, prepare a balance sheet lor Purified Oll Note: Enter your answers in whole dollars