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, 2008 Pint Corporation Assets Cash & Receivables $113,000 Inventory 156,000 Buildings & Equipment (net) 326,000 Investment in Saloon Company 227,200 Total Assets $822,200 Liabilities & Equity Accounts Payable $116,200 Common Stock 186,000 Retained Earnings 520,000 Total Liabilities & Equity $822,200 $ 49,000 103,000 282,000 $434,000 $ 54,000 137,000 243,000 $ 434,000 Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $104,000 and Saloon sold inventory to Pint for $313,000. Pint's balance sheet contains inventory items purchased from Saloon for $99,000. The items cost Saloon $59,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $27,000 that Pint had produced for $16,200. Assume Saloon reported net income of $76,000 and dividends of $15,200. Required: 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.) x A Record the basic consolidation entry. B > Record the entry to defer this year's unrealized profit on inventory transfers. i Credit Note : = journal entry has been entered 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.) PINT CORPORATION & SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20X8 Consolidation Entries Pint Corporation Saloon Company DR CR Consolidated Assets Cash and receivables Inventory Buildings & equipment (net) Investment in Saloon Company Total Assets Liabilities & Equity Accounts payable Common stock $ 0 $ 0 $ 0 $ 0 $ 0 Retained earnings NCI in NA of Saloon Company Total Liabilities & Equity $ 0 $ 0 $ 0 $ 0 $ 0