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 $ 105,000 $ 45,000

Inventory 159,000 113,000

Buildings & Equipment (net) 323,000 284,000

Investment in Saloon Company 223,100

Total Assets $ 810,100 $ 442,000

Liabilities & Equity Accounts Payable $ 108,100 $ 65,000

Common Stock 182,000 143,000

Retained Earnings 520,000 234,000

Total Liabilities & Equity $ 810,100 $ 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 $111,000 and Saloon sold inventory to Pint for $305,000. Pints balance sheet contains inventory items purchased from Saloon for $101,000. The items cost Saloon $61,000 to produce. In addition, Saloons inventory contains goods it purchased from Pint for $32,000 that Pint had produced for $19,200. Assume Saloon reported net income of $72,000 and dividends of $14,400. 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.)