Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for $244,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Slim Corporation $ 21,000 56,000 65,000 154,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Slim Corporation Stock Total Assets Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Plump Corporation $ 29,000 107,000 111,000 226,000 244,000 $ 717,000 $ 76,000 148,000 98,000 395,000 $717,000 $296,000 $ 18,000 75,000 60,000 143,000 $296,000 At the date of the business combination, Slim's net assets and liabilities approximated fair value except for inventory, which had a fair value of $91,000, and buildings and equipment (net), which had a fair value of $169,000. Required: a. Prepare the consolidating 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 list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit Record entry Clear entry view consolidation entries view transaction list Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Accounts Debit Credit Entry 2 - Record entry Clear entry view consolidation entries b. Prepare a consolidation 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.) PLUMP CORPORATION AND SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20x2 Consolidation Entries Plump Corp. Slim Corp. DR CR Consolidated Assets Cash Accounts receivable Inventory Buildings & equipment (net) Investment in Slim Corp. Total Assets Liabilities & Stockholders' Equity Accounts payable Notes payable Common stock Retained earnings Total Liabilities & Equity