E2-11 Balance Sheet Worksheet LO 2-5, 2-6 Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $184,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Item Assets Cash Blank Corporation $ 70,000 79,000 Faith Corporation: $20,000 42,000 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 108,000 64,000 211,000 155,000 184,000 $652,000 $281,000 $ 86,000 132,000 97,000 337,000 $652,000 $31,000 66,000 40,000 144,000 $281,000 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 $18,000 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.)