Powder Company spent $$240,000$ to acquire all of Sawmill Corporation's stock on January $1,20$X$2.$ The balance sheets of the two companies on December $31,20$X$3,$ showed the following amounts:Powder Company Sawmill CorporationCash$ $30,000$$ $20,000$Accounts Receivable$100,00040,000$Land$60,00050,000$Buildings and Equipment$500,000350,000$Less: Accumulated Depreciation$(230,000)(75,000)$Investment in Sawmill Corporation$252,000$$ $712,000$$ $385,000$Accounts Payable$ $80,000$$ $10,000$Taxes Payable$40,00070,000$Notes Payable$100,00085,000$Common Stock$200,000100,000$Retained Earnings$292,000120,000$$ $712,000$$ $385,000$Sawmill reported retained earnings of $$100,000$ at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of $10$ years from the date of acquisition. Assume Sawmill's accumulated depreciation on the acquisition date was $$25,000.$a$)$ Give the appropriate consolidation entry or entries needed to prepare a consolidated balance sheet as of December $3120$X$3.$ b$)$ Prepare a consolidated balance sheet worksheet as of December $31,20$X$3$