The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: Saloon Company PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20X8 Pint Corporation Assets Cash & Receivables $109,000 Inventory 160,000 Buildings & Equipment (net) 320,000 Investment in Saloon Company 227,100 Total Assets $816,100 Liabilities & Equity Accounts Payable $ 96,100 Common Stock 195,000 Retained Earnings 525,000 Total Liabilities & Equity $816,100 $ 56,000 105,000 281,000 $442,000 $ 61,000 135,000 246,000 $442,000 Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $106,000 and Saloon sold inventory to Pint for $313,000. Pint's balance sheet contains inventory items purchased from Saloon for $101,000. The items cost Saloon $61,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $29,000 that Pint had produced for $17,400. Assume Saloon reported net income of $74,000 and dividends of $14,800. a. Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit 1 The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts: Saloon Company PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20X8 Pint Corporation Assets Cash & Receivables $109,000 Inventory 160,000 Buildings & Equipment (net) 320,000 Investment in Saloon Company 227,100 Total Assets $816,100 Liabilities & Equity Accounts Payable $ 96,100 Common Stock 195,000 Retained Earnings 525,000 Total Liabilities & Equity $816,100 $ 56,000 105,000 281,000 $442,000 $ 61,000 135,000 246,000 $442,000 Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $106,000 and Saloon sold inventory to Pint for $313,000. Pint's balance sheet contains inventory items purchased from Saloon for $101,000. The items cost Saloon $61,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $29,000 that Pint had produced for $17,400. Assume Saloon reported net income of $74,000 and dividends of $14,800
