The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts:

PINT CORPORATION AND SALOON COMPANY
Balance Sheets December 31, 20X8
	Pint Corporation				Saloon Company
Assets
Cash & Receivables	$	98,000			$	40,000
Inventory		150,000				100,000
Buildings & Equipment (net)		310,000				280,000
Investment in Saloon Company		242,000
Total Assets	$	800,000			$	420,000
Liabilities & Equity
Accounts Payable	$	70,000			$	20,000
Common Stock		200,000				150,000
Retained Earnings		530,000				250,000
Total Liabilities & Equity	$	800,000			$	420,000

Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $100,000 and Saloon sold inventory to Pint for $300,000. Pints balance sheet contains inventory items purchased from Saloon for $95,000. The items cost Saloon $55,000 to produce. In addition, Saloons inventory contains goods it purchased from Pint for $25,000 that Pint had produced for $15,000. Assume Saloon reported net income of $70,000 and dividends of $14,000. 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.)

Record the basic consolidation entry.

Record the entry to defer this year's unrealized profit on inventory transfers.