Phone Corporation acquired 70 percent of Smart Corporations 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 Smart Item Corporation Corporation Cash $ 57,300 $ 37,000 Accounts Receivable 104,000 62,000 Inventory 142,000 92,000 Land 64,000 36,000 Buildings & Equipment 421,000 254,000 Less: Accumulated Depreciation (161,000 ) (70,000 ) Investment in Smart Corporation 93,800 Total Assets $ 721,100 $ 411,000 Accounts Payable $ 143,500 $ 25,000 Mortgage Payable 297,600 273,000 Common Stock 79,000 35,000 Retained Earnings 201,000 78,000 Total Liabilities & Stockholders Equity $ 721,100 $ 411,000 At the date of the business combination, the book values of Smarts 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 $199,000. At December 31, 20X4, Phone reported accounts payable of $12,500 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.) b. Prepare a consolidated balance sheet worksheet. (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.) c. Prepare a consolidated balance sheet in good form. (Amounts to be deducted should be indicated with a minus sign.)