Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31, 20X4, for $93,800. At that date, the fair value of the noncontrolling interest was $40,200 Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Phone Item Cash Accounts Receivable Inventory Land Building Equipment LESS Accumulated Depreciation Investment in Start Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities Stockholders' Equity Swart Corporation $ 39,000 63,808 79, eee 46,00 250,000 (73,000) Corporation $50, 300 109,000 138,000 71, Bea 411,000 (150,000) 93,800 $723,100 5 139,500 320,600 69,00 194 000 $72, 100 5404, $ 34,000 257,600 35,000 78,000 3404,000 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 $85,000, and buildings and equipment, which had a fair value of $192,000. At December 31, 20X4 Phone reported accounts payable of $13,600 10 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 occount feld.) view transactions Record the basic consolidation entry > Record the excess value (differential) reclassification entry Record the entry to eliminate the intercompany accounts. Pecord the optional accumulated depreciation consolidation entry. Credit