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: Smart Corporation $ 33,090 Phone mone Corporation $ 64,300 96,990 147.000 74,000 417,000 (106,000) 93200 $ 727,500 $ 142,500 319,000 - Accounts Receivable Inventory Land Buildings & Equipment Lessi Accumulated Depreciation Investment in Smart Corporation Total Assets Accounts Payable Hortege Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity 82,00 44,00 250.000 (10.000) $ 31,000 254,000 35,000 oz. $400,000 202.000 5 727.500 At the date of the business combination, the book values of Smorts assets and liabilities approximated for value except for inventory which had a fair value of $88.000, and buildings and equipment, which had a fair value of $193.000. At December 31, 20X4, Phone reported accounts payable of $14,300 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 fraction lit Consolidation Worksheet Entries A B C D Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit Consolidation Worksheet Entries