E6 - 13 Consolidated Balance Sheet Worksheet LO 6-3, 6-4 The December 31, 20X8, balance sheets for Pit Corporation and its 70 percent-owned subsidiary Saloon Company contamed the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, - 20X8 Pint Corporation Saloon Company Cash & Receivables $ 98,000 $ 40,000 Inventory 150,000 100, 000 Buildings & Equipment (net) 310,000 280,000 Investment in Saloon Company 242, 000 Total Assets $800, 000 $420,000 Accounts Payable $ 70,000 $ 20,000 Common Stock 200,000 150,000 Retained Earnings 530,000 250,000 Total Liabilities & Equity $800,000 $120,000 Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pmt sold mventory to Saloon during 20X8 for $100.000 and Saloon sold inventory to Pint for $300.000. Pint's balance sheet contains inventory itens purchased from Saloon for $95.000 The items cost Saloon $55.000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $25.000 that Pit had produced for $15.000. Assume Saloon reported net income of $70,000 and dividends of $14.000. Required 1. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. 7. Prepare a consolidated balance sheet worksheet as of December 31, 20X8. page 283