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 Sauls book value. The balance sheets of the two companies for January 1, 20X1, are as follows:

PENNY MANUFACTURING CORPORATION Balance Sheet January 1, 20X1
Cash	$	244,500			Accounts Payable	$	162,250
Accounts Receivable		78,000			Bonds Payable		387,000
Inventory		112,000			Common Stock		180,000
Buildings & Equipment		609,000			Additional Paid-In Capital		30,000
Less: Accumulated Depreciation		(135,000	)		Retained Earnings		387,000
Investment in Saul Corporation		237,750
Total Assets	$	1,146,250			Total Liabilities & Equities	$	1,146,250

SAUL CORPORATION Balance Sheet January 1, 20X1
Cash	$	79,000			Accounts Payable	$	159,000
Accounts Receivable		118,000			Bonds Payable		287,000
Inventory		192,000			Common Stock ($10 par)		100,000
Buildings & Equipment		609,000			Additional Paid-In Capital		30,000
Less: Accumulated Depreciation		(235,000	)		Retained Earnings		187,000
Total Assets	$	763,000			Total Liabilities & Equities	$	763,000

On January 2, 20X1, Penny purchased an additional 2,500 shares of common stock directly from Saul for $150,000.

Prepare a consolidated balance sheet worksheet immediately following the issuance of additional shares to Penny. (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, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

PENNY MANUFACTURING COMPANY AND SUBSIDIARY
Consolidated Balance Sheet Worksheet
January 1, 20X1
			Consolidation Entries
	Penny	Saul Corp.	DR	CR	Consolidated
Balance Sheet
Assets
Cash
Accounts Receivable
Inventory
Buildings and Equipment
Less: Accumulated Depreciation
Investment in Saul Corp.
Total Assets
Liabilities & Stockholders' Equity
Accounts Payable
Bonds Payable
Common Stock
Additional Paid-In Capital
Retained Earnings
NCI in NA of Saul Corp.
Total Liabilities & Stockholders' Equity

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