please answer the following

Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31, 20X4. for $96,600. At that date, the fair value of the noncontrolling interest was $41,400. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Corporation $ 52,00 13,000 345.000 413,000 Snart Corporation $41.000 44,000 34.000 38.000 262.000 (74.600) Item Cash Accounts Receivable Inventory Land Buildings & Equipent Less: Accumulated Depreciation Investment in Smart Corporation Total Assets Accounts Payable Mortgage Payable Connon Stock Retained Earnings Total Liabilities & Stockholders' Equity $ 725,00 5 347.500 309, 62.000 207,600 $725,900 $395.000 $ 30,000 248.000 38.000 79.000 $395.000 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 $90,000, and buildings and equipment, which had a fair value of $203,000. At December 31, 20X4, Phone reported accounts payable of $13,900 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 transactional Consolidation Worksheet Entries 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 transaction et Consolidation Worksheet Entries B D Record the excess value (differential) reclassification entry. Note: Enter debts before credits Accounts Debit Credit Entry 2 Record entry Clear entry view consolidation entre b. Prepare 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.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 21, 20X4 Consolidation Entries 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 transactions Consolidation Worksheet Entries B D Record the entry to eliminate the intercompany accounts. Note: Enter debits before credits Entry Accounts Debit Credit 3 Record entry Clear entry view consonante b. Prepare 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.) PHONE CORPORATION AND SUBSDIARY Consolidated Balance Sheet December 31, 20X4 Consolidation Entries 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 transactional Consolidation Worksheet Entries D Record the optional accumulated depreciation consolidation entry, Note Enter debits before credits Accounts Debit Credit Entry 4 Record entry Clear entry view consolidation entries b. Prepare 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.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X4 Consolidation Entries b. Prepare 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.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 2014 Consolidation Entries Phone Corp Seat Corp DR CR Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Smart Corporation Total Assets Liabilities and Equity Accounts payable Mortgage payable Common stock Retained earnings NCI in NA of Smart Corporation Total Liabilities and Equity $ os 5 Os os c. Prepare a consolidated balance sheet in good form. (Amounts to be deducted should be indicated with a minus sign.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 2004 Assets a consolidated balance sheet worksheet (Values in vo columns (the "parent" and "subsidiary" balances) be deducted should be indicated with a minus all values in the "Consolidation Entries columns entered as positive values. For accounts where djusting entries are required, combine all debit o one amount and enter this amount in the debit the worksheet. Similarly, combine all credit entries mount and enter this amount in the credit column ksheet.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 2004 Consolidation Entries Phone Corp Smart Corp CR Consolidat able uipment ted depreciation mart Corporation $ Os 95 Equity le os art Corporation and Equity $ Os Os Os Os a consolidated balance sheet in good form. to be deducted should be indicated with a minus PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X4 $ os 05 0 $ Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Smart Corporation Total Assets Liabilities and Equity Accounts payable Mortgage payable Common stock Retained earnings NCI in NA of Smart Corporation Total Liabilities and Equity $ 05 c. Prepare a consolidated balance sheet in good form. (Amounts to be deducted should be indicated with a minus sign.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X4 Assets 0 0 $ Total Assets Liabilities Stockholders' Equity Controlling Interest Total Controlling interest 0 Total Stockholders' equity Total Liabilities and Stockholders' Equity 0 0 Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31, 20X4. for $96,600. At that date, the fair value of the noncontrolling interest was $41,400. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Corporation $ 52,00 13,000 345.000 413,000 Snart Corporation $41.000 44,000 34.000 38.000 262.000 (74.600) Item Cash Accounts Receivable Inventory Land Buildings & Equipent Less: Accumulated Depreciation Investment in Smart Corporation Total Assets Accounts Payable Mortgage Payable Connon Stock Retained Earnings Total Liabilities & Stockholders' Equity $ 725,00 5 347.500 309, 62.000 207,600 $725,900 $395.000 $ 30,000 248.000 38.000 79.000 $395.000 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 $90,000, and buildings and equipment, which had a fair value of $203,000. At December 31, 20X4, Phone reported accounts payable of $13,900 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 transactional Consolidation Worksheet Entries 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 transaction et Consolidation Worksheet Entries B D Record the excess value (differential) reclassification entry. Note: Enter debts before credits Accounts Debit Credit Entry 2 Record entry Clear entry view consolidation entre b. Prepare 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.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 21, 20X4 Consolidation Entries 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 transactions Consolidation Worksheet Entries B D Record the entry to eliminate the intercompany accounts. Note: Enter debits before credits Entry Accounts Debit Credit 3 Record entry Clear entry view consonante b. Prepare 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.) PHONE CORPORATION AND SUBSDIARY Consolidated Balance Sheet December 31, 20X4 Consolidation Entries 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 transactional Consolidation Worksheet Entries D Record the optional accumulated depreciation consolidation entry, Note Enter debits before credits Accounts Debit Credit Entry 4 Record entry Clear entry view consolidation entries b. Prepare 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.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X4 Consolidation Entries b. Prepare 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.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 2014 Consolidation Entries Phone Corp Seat Corp DR CR Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Smart Corporation Total Assets Liabilities and Equity Accounts payable Mortgage payable Common stock Retained earnings NCI in NA of Smart Corporation Total Liabilities and Equity $ os 5 Os os c. Prepare a consolidated balance sheet in good form. (Amounts to be deducted should be indicated with a minus sign.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 2004 Assets a consolidated balance sheet worksheet (Values in vo columns (the "parent" and "subsidiary" balances) be deducted should be indicated with a minus all values in the "Consolidation Entries columns entered as positive values. For accounts where djusting entries are required, combine all debit o one amount and enter this amount in the debit the worksheet. Similarly, combine all credit entries mount and enter this amount in the credit column ksheet.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 2004 Consolidation Entries Phone Corp Smart Corp CR Consolidat able uipment ted depreciation mart Corporation $ Os 95 Equity le os art Corporation and Equity $ Os Os Os Os a consolidated balance sheet in good form. to be deducted should be indicated with a minus PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X4 $ os 05 0 $ Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Investment in Smart Corporation Total Assets Liabilities and Equity Accounts payable Mortgage payable Common stock Retained earnings NCI in NA of Smart Corporation Total Liabilities and Equity $ 05 c. Prepare a consolidated balance sheet in good form. (Amounts to be deducted should be indicated with a minus sign.) PHONE CORPORATION AND SUBSIDIARY Consolidated Balance Sheet December 31, 20X4 Assets 0 0 $ Total Assets Liabilities Stockholders' Equity Controlling Interest Total Controlling interest 0 Total Stockholders' equity Total Liabilities and Stockholders' Equity 0 0