Part 1 On 1/1/X1, Pacific purchased 100% of Strong Company's common stock for $700,000. On that date, Pacific and Strong reported the following balance sheets: Pacific 200,000 100,000 400,000 200,000 1,000,000500,000 700,000 600,000 300,000 Stron Debits Credits Consolidated Cash Receivables Inventory Investment in Str Equipment Less: Accumulated Depreciation200,000100,000 Land Total Assets 200,000 100,000 2,900,000 1,100,000 Accounts Payable Loans Payable Retained Earnin Capital Stock Additional Paid in Capital Total Liabilities & Equ 400,000 200,000 200,000 1,700,000300,000 400,000 200,000 400,000 200,000 2,900,000 1,100,000 A. Prepare the worksheet entries to consolidate the balance sheets of Pacific and Strong and complete the above worksheet to determine the balances that should be reported on the 1/1/X1 consolidated balance sheet