Please solve and show all work.

P9-26 Sale of Additional Shares to Parent LO 9-39 Penny Manufacturing Company acquired 75 percent of Saul Corporation stock at underlying book value. At the date of acquisition, the fair value of the noncontrolling interest was equal to 25 percent of Saul's book value. The balance sheets of the two companies for January 1, 20X1, are as follows: $ PENNY MANUFACTURING COMPANY Balance Sheet January 1, 20X1 Cash $ 227,500 Accounts Payable Accounts Receivable 60,000 Bonds Payable Inventory 100,000 Common Stock Buildings & Equipment 600,000 Additional Paid-In Capital Less: Accumulated Depreciation (150,000) Retained Earnings Investment in Saul Corporation 262,500 Total Assets $1,100,000 Total Liabilities & Equities 50,000 400,000 200,000 50,000 400,000 $1,100,000 $ 50,000 Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets SAUL CORPORATION Balance Sheet January 1, 20X1 $ 60,000 Accounts Payable 100,000 Bonds Payable 180,000 Common Stock ($10 par) 600,000 Additional Paid-In Capital (240,000) Retained Earnings $700,000 Total Liabilities & Equities 300,000 100,000 50,000 200,000 $700,000 On January 2, 20X1, Penny purchased an additional 2,500 shares of common stock directly from Saul for $150,000. Required Page 502 a. Prepare the consolidation entry needed to complete a consolidated balance sheet worksheet immediately following the issuance of additional shares to Penny. b. Prepare a consolidated balance sheet worksheet immediately following the issuance of additional shares to Penny