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 & Equipment Less: Accumulated Depreciation Investment in Saul Corporation Total Assets PENNY MANUFACTURING CORPORATION Balance Sheet January 1, 20x1 $ 233,500 Accounts Payable 68,000 Bonds Payable 101,000 Common Stock 609,000 Additional Paid-In Capital (141, 000) Retained Earnings 249,750 $1,120, 250 Total Liabilities & Equities 104,250 383,000 200,000 50,000 383,000 $1,120, 250 Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets SAUL CORPORATION Balance Sheet January 1, 20x1 $ 73,000 Accounts Payable 108,000 Bonds Payable 181,000 Common Stock ($10 par) 609,000 Additional Paid-In Capital (224,000) Retained Earnings $ 747,000 Total Liabilities & Equities $131,000 283,000 100,000 50,000 183,000 $747,000 On January 2, 20X1, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Consolidation Worksheet Entries