Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31,204, for $91,000. At that date, the fair value of the noncontrolling interest was $39,000. Data from the balance sheets of the two companies Included the following amounts as of the date of acquisition: 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 bulldings and equipment, which had a fair value of $205,000. At December 31,204, 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries D Note: Enter debits before credits. c. Prepare a consolidated balance sheet in good form. Note: Amounts to be deducted should be indicated with a minus sign