Phone Corporation acquired 70 percent of Smart Corporations common stock on December 31, 20X4, for $98,000. At that date, the fair value of the noncontrolling interest was $42,000. 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		$	62,300				$	21,000
Accounts Receivable			95,000					51,000
Inventory			136,000					90,000
Land			71,000					39,000
Buildings & Equipment			425,000					254,000
Less: Accumulated Depreciation			(162,000	)				(79,000	)
Investment in Smart Corporation			98,000
Total Assets		$	725,300				$	376,000
Accounts Payable		$	151,500				$	26,000
Mortgage Payable			304,800					231,000
Common Stock			65,000					40,000
Retained Earnings			204,000					79,000
Total Liabilities & Stockholders Equity		$	725,300				$	376,000

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 $96,000, and buildings and equipment, which had a fair value of $190,000. At December 31, 20X4, Phone reported accounts payable of $14,400 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.)