Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31, 20X4, for $95,200. At that date, the fair value of the noncontrolling interest was $40.800. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Phone Corporation $ 60,300 104,000 136,000 68,000 411,000 (161,000) 95,200 $ 713,500 $ 140,500 302,000 78,000 193,000 $ 713,500 Smart Corporation $ 33,000 63,000 85,000 33,000 268.000 (76,000) Item Cash Accounts Receivable Inventony Land Buildings & Equipment Less: Accumulated Depreciation Investment in Smart Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities & StockholdersEquity $426,000 $ 30,000 261,000 34, 000 81, 000 $406,000 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 $91,000, and buildings and equipment, which had a fair value of $207.000. At December 31, 20X4, Phone reported accounts payable of $13,700 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.) view transaction list Consolidation Worksheet Entries B D A LUNI 5 LUUN Retained Earnings Total Liabilities & Stockholders' Equity 0,vou 193,000 $ 713,500 JAUN 81,000 $406,000 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 $91,000, and buildings and equipment, which had a fair value of $207.000. At December 31, 20X4, Phone reported accounts payable of $13,700 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.) view transaction list es Consolidation Worksheet Entries