The December 31, 20X8, balance sheets for Doorst Corporation and its 80 percent-owned subsidiary Hingle Company contained the following summarized amounts: DOORST CORPORATION AND HINGLE COMPANY Balance Sheets December 31, 20X8 Doorst Hingle Corporation Company Assets Cash & Receivables Inventory Buildings &Equipment (net) Investment in Hingle Company Stock $117,000$ 48,000 160,000 119,000 326,000 291,000 271,600 Total Assets $874,600 $458,000 Liabilities & Equity Accounts Payable Common Stock Retained Earnings $177,600 $ 65,000 187,000 149,000 510,000 244,000 Total Liabilities & Equity $874,600 $458,000 Doorst acquired the shares of Hingle Company on January 1, 20X7. On December 31, 20X8, assume Doorst sold inventory to Hingle during 20X8 for $103,000 and Hingle sold inventory to Doorst for $308,000. Doorst's balance sheet contains inventory items purchased from Hingle for $103,000. The items cost Hingle $63,000 to produce. In addition, Hingle's inventory contains goods it purchased from Doorst for $27,000 that Doorst had produced for $16,200. Assume Hingle reported net income of $78,000 and dividends of $15,600 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 2 Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit Doorst acquired the shares of Hingle Company on January 1, 20X7. On December 31, 20X8, assume Doorst sold inventory to Hingle during 20X8 for $103,000 and Hingle sold inventory to Doorst for $308,00 Doorst's balance sheet contains inventory items purchased from Hingle for $103,000. The items cost Hingle $63,000 to produce. In addition, Hingle's inventory contains goods it purchased from Doorst for $27,000 that Doorst had produced for $16,200. Assume Hingle reported net income of $78,000 and dividends of $15,600 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 2 Record the entry to defer this year's unrealized profit on inventory transfers. Note: Enter debits before credits. Entry Accounts Debit Credit 2 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 NCl in NA of Hingle Co Total Liabilities & Equity The December 31, 20X8, balance sheets for Doorst Corporation and its 80 percent-owned subsidiary Hingle Company contained the following summarized amounts: DOORST CORPORATION AND HINGLE COMPANY Balance Sheets December 31, 20X8 Doorst Hingle Corporation Company Assets Cash & Receivables Inventory Buildings &Equipment (net) Investment in Hingle Company Stock $117,000$ 48,000 160,000 119,000 326,000 291,000 271,600 Total Assets $874,600 $458,000 Liabilities & Equity Accounts Payable Common Stock Retained Earnings $177,600 $ 65,000 187,000 149,000 510,000 244,000 Total Liabilities & Equity $874,600 $458,000 Doorst acquired the shares of Hingle Company on January 1, 20X7. On December 31, 20X8, assume Doorst sold inventory to Hingle during 20X8 for $103,000 and Hingle sold inventory to Doorst for $308,000. Doorst's balance sheet contains inventory items purchased from Hingle for $103,000. The items cost Hingle $63,000 to produce. In addition, Hingle's inventory contains goods it purchased from Doorst for $27,000 that Doorst had produced for $16,200. Assume Hingle reported net income of $78,000 and dividends of $15,600 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 2 Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit Doorst acquired the shares of Hingle Company on January 1, 20X7. On December 31, 20X8, assume Doorst sold inventory to Hingle during 20X8 for $103,000 and Hingle sold inventory to Doorst for $308,00 Doorst's balance sheet contains inventory items purchased from Hingle for $103,000. The items cost Hingle $63,000 to produce. In addition, Hingle's inventory contains goods it purchased from Doorst for $27,000 that Doorst had produced for $16,200. Assume Hingle reported net income of $78,000 and dividends of $15,600 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 2 Record the entry to defer this year's unrealized profit on inventory transfers. Note: Enter debits before credits. Entry Accounts Debit Credit 2 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 NCl in NA of Hingle Co Total Liabilities & Equity