Pint Enterprises acquired $100$ percent of Saloon Builders$$ stock on December $31,20$X$4.$ Balance sheet data for Pint and Saloon on January $1,20$X$5,$ are as follows:

Pint Enterprises Saloon Builders

Cash and Receivables $ $88,000$ $ $38,000$

Inventory $162,000351,000$

Buildings and Equipment $($net$)450,00088,000$

Investment in Saloon Builders $202,000$

Total Assets $ $902,000$ $ $477,000$

Current Liabilities $ $97,000$ $ $95,000$

Long$-$Term Debt $391,000193,000$

Common Stock $185,000130,000$

Retained Earnings $229,00059,000$

Total Liabilities and Stockholders$$ Equity $ $902,000$ $ $477,000$

At the date of the business combination, Saloon$$s cash and receivables had a fair value of $$36,000,$ inventory had a fair value of $$358,000,$ and buildings and equipment had a fair value of $$96,000.$

Required:

Prepare all consolidating entries needed to prepare a consolidated balance sheet on January $1,20$X$5.$

$1.$ Record the basic consolidation entry.

$2.$ Record the excess value $($differential$)$ reclassification entry.

Complete a consolidated balance sheet worksheet.

PINT ENTERPRISES AND SUBSIDIARY

Consolidated Balance Sheet Worksheet

January $1,20$X$5$

PintEnterprises Saloon Builders Consolidation Entries Consolidated

Debit Credit

Assets

Cash and receivables

Inventory

Buildings and equipment $($net$)$

Investment in Saloon Builders

Total Assets

Liabilities and Stockholders' Equity

Current liabilities

Long$-$term debt

Common stock

Retained earnings

Total Liabilities and Equity

Prepare a consolidated balance sheet.

PINT ENTERPRISES AND SUBSIDIARY

Consolidated Balance Sheet

January $1,20$X$5$

Assets Liabilities and Stockholders' Equity

Total Assets Total Liabilities and Stockholders' Equity