Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31,204, for $93,100. At that date, the fair value of the noncontrolling interest was $39,900. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: At the date of the business combination, the book values of Smart's assets and liabilities approximated fair value except for inventory, which had a fair value of $98,000, and buildings and equipment, which had a fair value of $197,000. At December 31, 20X4, Phone reported accounts payable of $13,400 to Smart, which reported an equal amount in its accounts receivable. Required: a. Prepare the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)