The December 31, 20X8, balance sheets for Doorst Corporation and its 70 percent-owned subsidiar Hingle Company contained the following summarized amounts: AND H Balance Sheets December 31, 20X8 Doorst Hingle Corporation Company Assets Cash & Receivables Inventory Buildings & Equipment (net) Investment in Hingle Company Stock $ 100,000 s 42,000 161,000 101,000 312,000 291,000 239,800 Total Assets $ 812,800 $ 434,000 Liabilities & Equity Accounts Payable Common Stock Retained Earnings S 88,800 S 36,000 194,000 149,000 530,000 249,000 Total Liabilities & Equity $ 812,800 $ 434,000 Doorst acquired the shares of Hingle Company on Jan Doorst sold inventory to Hingle during 20X8 for $112,000 and Hingle sold inventory to Doorst for $305,00 Doorst's balance sheet contains inventory items purchased from Hingle for $101,000. The items cost Hing $61,000 to produce. In addition, Hingle's inventory contains that Doorst had prod uary 1, 20X7. On December 31. 20X8, assun goods it purchased from Doorst for $27.00 uced for $16.200 Assume Hingle reported net income of $71.000 and dividends c $14,200 Required a Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31 20X8 (Do not round intermediate calculations.) view transaction list Consolidation Worksheet Entries Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. (Do not round intermediate calculations.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry Note: Enter debits before credits. Entry Accounts Credit Debit 149,000 249,000 Common stock Retained earnings ncome from Hingle Corporation Cl in NI of Hingle Corporation Dividends declared nvestment in Hingle Corporation CI in NA of Hingle Corporation 14.200 Record entry Clear entry view consolidation entries b. Prepare a consolidated balance sheet worksheet as of December 31, 20X8. (Do not round intermediate calculations. 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.) DOORST CORPORATION &SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X8 Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. (Do not round intermediate calculations.) view transaction list Consolidation Worksheet Entries 2 Record the entry to defer this year's unrealized profit on inventory transfers. Note: Enter debits before credits. Entry Accounts Debit Credit Cost of goods sold Inventory 49,700 Record entry Clear entry view consolidation entries b. Prepare a consolidated balance sheet worksheet as of December 31, 20X8. (Do not round intermediate calculations. 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.) DOORST CORPORATION & SUBSIDIARY Consolidated Balance Sheet Worksheet b. Prepare a consolidated balance sheet worksheet as of December 31, 20X8. (Do not round intermediate calculations. 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.) DOORST CORPORATION &SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X8 Consolidation Entries Doorst Corp. Hingle Co DR CR Consolidated Assets Cash and receivables Inventory Buildings & equipment (net) Investment in Hingle Co. Total Assets Liabilities& Equity Accounts payable Common stock Retained earnings NCI in NA of Hingle Co Total Liabilities & Equity S 100,000 61,000 312,000 239,800 42,000 101,000 291,000 $ 142,000 261,999 603,000 239,800 S 812,800 S434,000$ 0 239,801 1,006,999 88,800 S 194,000 530,000 36,000 149,000 249,000 S 124,800 94,000 14,200 793,200 149,000