Powder Company spent $240,000 to acquire all of Sawmill Corporation's stock on January 1,202. The balance sheets of the two companies on December 31,203, showed the following amounts: 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. Required: a. Prepare the appropriate consolidation entry or entries needed to prepare a consolidated balance sheet as of December 31,203. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A Record the basic consolidation entry. B Record the excess value (differential) reclassification entry. c Record the optional accumulated depreciation consolidation entry. Note: Enter debits before credits. b. Prepare a consolidated balance sheet worksheet as of December 31,203. (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.) \begin{tabular}{|l|l|l|l|l|l|} \hline Liabilities \& Stockholders' Equity & & & & \\ \hline Accounts payable & & & & & \\ \hline Taxes payable & & & & & \\ \hline Notes payable & & & & & \\ \hline Common stock & & & & \\ \hline Retained earnings & & & & \\ \hline Total Liabilities \& Equity & & & & \\ \hline \end{tabular}