Penny Manufacturing Company acquired $75$ percent of Saul Corporation stock at underlying book value. At the date of acquisition, the

falr value of the noncontroiling Interest was equal to $25$ percent of Saul's book value. The balance sheets of the two companies for

January $1,20$X$1,$ are as follows:

On January $220$X$1,$ Penny purchased an additional $2,500$ shares of common stock directly from Saul for $$150,000.$

Required:

a$.$ Prepare the consolidation entry needed to complete a consolidated balance sheet worksheet immedlately following the issuance of

additional shares to Penny.

b$.$ Prepare a consolidated balance sheet worksheet Immediately following the issuance of additional shares to Penny.

Complete this question by entering your answers in the tabs below.

Required A

Prepare the consolidation entry needed to complete a consolidated balance sheet worksheet immediately following the issuance of

additional shares to Penny.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the basic consolidation entry.

Note: Enter debits before credits.