Sale of Additional Shares to Parent Penny Manufacturing Company acquired 75 percent of Saul Corporation stock at under value. At the date of acquisition, the fair value of the noncontrolling interest was equ cent of Saul's book value. The balance sheets of the two companies for January 1, 20XI, a P9-26 lying book al to 25 per- follows: PENNY MANUFACTURING COMPANY Balance Sheet January 1, 20X1 Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Investment in Saul Corporation Total Assets $ 227,500 60,000 100,000 600,000 Accounts Payable Bonds Payable Common Stock Additional Paid-In Capital $ 50,000 400,000 200,000 50,000 400,000 150,000) Retained Earnings 262,500 $1,100,000 Total Liabilities& Equities $1,100,000 SAUL CORPORATION Balance Sheet January 1, 20X1 $50,000 300,000 100,000 50,000 200,000 $700,000 Accounts Payable S 60,000 100,000 Cash Accounts Recelvable Inventory Buildings & Equipment Less: Accumulated Depreciation(240,000) Total Assets Bonds Payable Additional Paid-In Capital Retained Earnings Depreciation 600,000 Common St $700.000 Total Liabilities & Equities On January 2, 20X1, Penny purchased an additional 2.500 shares of common stock directly from Saul for $150,000. dation Ownership Issues Required 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 addi- tional shares to Penny