On December 31, 20X8, P Corporation acquired 80 percent of S Company's common stock for $104,000 cash. The fair value of the noncontrolling interest at that date was determined to be $26,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

On that date, the book values of S's assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and buildings and equipment, which had a fair value of $100,000.

Required:

Provide the consolidating entries needed to prepare a consolidated balance sheet immediately following the business combination.

$ Corp 90,000 80,000 100,000 40,000 300,000 (100,000) 104,000 614,000 120,000 200,000 50,000 244,000 614,000 Company $ 20,000 35,000 40,000 60,000 100,000 (40,000) Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Investment in s Company Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities and Equity $ $ 215,000 30,000 100,000 25,000 60,000 $ 215,000 $