Penny Manufacturing Company acquired 75 percent of Saul Corporation stock at underlying book value. At the date of acquisition, the fair value of the noncontrolling interest was equal to 25 percent of Saul's book value. The balance sheets of the two companies for January 1, 20X1, are as follows: Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Investment in Saul Corporation Total Assets PENNY MANUFACTURING COMPANY Balance Sheet January 1, 20x1 $ 230,500 Accounts Payable 79,000 Bonds Payable 109,000 Common Stock 618,000 Additional Paid-In Capital (150,000) Retained Earnings 237,000 $ 1,123,500 Total Liabilities and Equities SAUL CORPORATION Balance Sheet January 1, 20X1 $ 76,000 Accounts Payable 119,000 Bonds Payable 189,000 Common Stock ($10 par) 618,000 Additional Paid-In Capital (236,000) Retained Earnings $141,500 383,000 183,000 33,000 383,000 $ 1,123,500 $167,000 283,090 108.000 33,000 123,200 S 766,000 Total Liabilities and Equities $ 766,000 Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Total Assets On January 2, 201, 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 immediately following the issuance of additional shares to Penny. b. Prepare a consolidated balance sheet worksheet immediately following the issuance of additional shares to Penny. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a consolidated balance sheet worksheet immediately following the issuance of additional shares to Penny. Note: Values in the first two columns (the "parent" and "subsidiary balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combing all debit entries into one amount and enter this amount in the debit column of the workshnet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet Balance Sheet Assets Cash Accounts Receivable Inventory Buildings and Equipment Less Accumulated Depreciation Investment in Saul Corporation Total Assets Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock PENNY MANUFACTURING COMPANY AND SUBSIDIARY Consolideled Balance Sheet Worksheet January 1, 20X1 AddSonal Paid-In Capital Retained Eamings NCI in NA of Saul Corporation Total Liabilities and Stockholders' Equity Consolidation Entries Penny Saul company Corporation Debit Credit Consolidated $ 80,500 226,000 $ 303.500 70,000 110.000 108.000 109,000 189.000 293.000 619,000 $18,000 1.210.000 (150,000) (236,000) (386,000) 372.800 $ 1,109,300 S 916.000 0 372.800 972,200 0 1.152 500 141,500 S 167.000 5 308,500 383,000 283.000 666.000 183,000 125.000 125,000 13.000 33.000 383,000 158.000 158.000 33.000 183.000 183.000 383.000 $ 1.123,500 $ 016 000 $ 169.000 93,200 93.200 S 93.200 1.666.700 Required A Show less