Playtown Corporation purchased 75 percent of Sandbox Corporation common stock and 40 percent of its preferred stock on January 1, 20X6, for $270,000 and $80,000, respectively. At the time of purchase, the fair value of the common shares of Sandbox held by the noncontrolling interest was $90,000. Sandbox's balance sheet contained the following balances: Preferred Stock ($10 par value) Common Stock ($5 par value) Retained Earnings Total Stockholders' Equity $200,000 150,000 210,000 $560,000 Required: Prepare the consolidation entries needed to prepare a consolidated balance sheet immediately after ytown purchased the Sandbox shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list transaction list No Event Accounts Debit Credit A Preferred stock 200,000 Investment in Sandbox PS 80,000 120,000 Retained earnings