Pint Enterprises acquired 100 percent of Saloon Builders stock on December 31, 20X1. Balance sheet data for Pint and Saloon on January 1, 2005, are as follows: Saloon Builders $ 30,000 350,000 80,000 Cash and Receivables Inventory Buildings & Equipment (net) Investment in Saloon Builders Total Assets Current Liabilities Long-Term Debt Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Pint Enterprises $ 80,000 150,000 430,000 167,000 $827,000 $100,000 400,000 200,000 127,000 5 827,000 $ 460,000 $ 110,000 200,000 140,000 10, mee $ 460,000 At the date of the business combination, Soloon's cash and receivables had a fair value of $28,000, inventory had a fair value of $357,000, and buildings and equipment had a fair value of $92.000, Required: a. Prepare all consolidating entries needed to prepare a consolidated balance sheet on January 1, 20X5. (If no entry is required for a transaction/event, select "No journal entry required in the first account field) Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Event nces Debit Accounts Credit Record entry Clear entry view consolidation entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Event Accounts Debit Credit 2 Record entry Clear entry view consolidation entries b. Complete a consolidated balance sheet worksheet. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PINT ENTERPRISES AND SUBSIDIARY Consolidated Balance Sheet Worksheet January 1, 20X5 Consolidation Entries Pint Saloon DR CR Enterprises Builders Consolidated Assets Cash and receivables Inventory Buildings & equipment (net) Investment in Saloon Builders Total Assets 05 01 OS Lisbites Stockholders' Equity Current liabilities Long tom dobil Common stock (Retained earnings Total Liabilities & Equity 50 50 50 50 50 c. Prepare a consolidated balance sheet. PINT ENTERPRISES AND SUBSIDIARY Consolidated Balance Sheet January 1, 20X5 Liabilities & Stockholders' Equity Assets Total Assets Total Liabilities & Stockholders' Equity