Exercise 2-11 (Algo) Balance Sheet Worksheet LO 2-5, 2-6 Blank Corporation acquired 100 percent of Faith Corporations common stock on December 31, 20X2, for $203,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Blank Corporation Faith Corporation Assets Cash $ 58,000 $ 28,000 Accounts Receivable 81,000 46,000 Inventory 104,000 66,000 Buildings and Equipment (net) 213,000 151,000 Investment in Faith Corporation Stock 203,000 Total Assets $ 659,000 $ 291,000 Liabilities and Stockholders Equity Accounts Payable $ 87,000 $ 24,000 Notes Payable 147,000 64,000 Common Stock 82,000 44,000 Retained Earnings 343,000 159,000 Total Liabilities and Stockholders Equity $ 659,000 $ 291,000 At the date of the business combination, the book values of Faiths net assets and liabilities approximated fair value. Assume that Faith Corporations accumulated depreciation on buildings and equipment on the acquisition date was $12,000. Required: Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. Prepare a consolidated balance sheet worksheet