Professor Corporation acquired 70 percent of Scholar Corporation's common stock on December 31, 20X4, f $102,200. The fair value of the noncontrolling interest at that date was determined to be $43,800. Data from the balance sheets of the two companies Included the following amounts as of the date of acquisition: Professor Corporation $ 50, 300 90,000 130,000 68,000 410,000 (150,000) 102,200 $ 692,500 $ 152,500 250,000 80,000 210,000 692,500 Scholar Corporation $ 21,800 44,000 75,000 30,000 250,000 (80,000) Iten Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Scholar Corporation Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity $340,000 $ 35,000 180,000 10,000 35,000 $340,000 Ar the date of the business combination, the book values of Scholar's assets and liabilities approximated fair value except for Inventory, which had a fair value of $81.000, and buildings and equipment, which had a fair value of $185.000. At December 31, 20X4, Professor reported accounts payable of $12,500 to Scholar, which reported an equal amount in its accounts receivable. Required: a. Record 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.)