The December 31, 20x8, balance sheets for Pint Corporation and its 80 percent-owned subsidiary Saloon Company contained the following summarized amounts: PINT CORPORATION AND SALOON COMPANY Balance Sheets December 31, 20x8 Pint Saloon Corporation Company Assets Cash & Receivables $106,000 $ 49,000 Inventory 151,000 112,000 Buildings & Equipment (net) 317,000 296,000 Investment in Saloon Company 271,200 Total Assets $845, 200 $457,000 Liabilities & Equity Accounts Payable $144,200 $ 64,000 Common Stock 187,000 144,000 Retained Earnings 514,000 249,000 Total Liabilities & Equity $B45,200 $457,000 Pint acquired the shares of Saloon Company on January 1, 20x7. On December 31, 20x8, assume Pint sold inventory to Saloon during 20x8 for $107,000 and Saloon sold inventory to Pint for $315,000. 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 $28,000 that Pint had produced for $16,800. Assume Saloon reported net income of $79,000 and dividends of $15,800. 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.) view transaction list transaction list Debit Credit Record the basic consolidation entry. 70,400 6 Record the entry to defer this year's unrealized profit on inventory transfers. 15,800 271,200 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.) Answer is not complete. No Entry Accounts Debit Credit A 1 Common stock >> Retained earnings Income from Saloon Company NCI in Nl of Saloon Company Dividends declared Investment in Saloon Company NCI in NA of Saloon Company 15,800 271,200 B 2 Sales Cost of goods sold Inventory polo 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.) Answer is not complete. PINT CORPORATION & SUBSIDIARY Consolidated Balance Sheet Worksheet December 31, 20x8 Consolidation Entries Saloon Corporation Company Pint DR CR Consolidated Assets Cash and receivables $ 0 $ 0 $ 0 0 0 Inventory Buildings & equipment (net) Investment in Saloon Company Total Assets Liabilities & Equity Accounts payable Common stock Retained earnings NCI in NA of Saloon Company Total Liabilities & Equity s 0 $ 0 $ 0 0 0