E9-3 Acquisition of Preferred Shares LO 9-2 The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts: Total Assets CS $ 420, eee Total Liabilities Preferred Stock Common Stock Retained Earnings Total Liabilities and Equities $ 48. eee 125,000 65, eee 190,000 $420,00 Total Assets $420,00 On January 1, 20X3, Point Corporation acquired 80 percent of the common shares and 70 percent of the preferred shares of Separate Company at underlying book value. At that date, the fair value of the noncontrolling Interest In Separate's common stock was equal to 20 percent of the book value of its common stock. Required: Prepare the worksheet consolidation entries needed to prepare a consolidated balance sheet Immediately following Point's purchase of shares. (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 Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit Record entry Clear entry view consolidation entries