The December 31, 20X8, balance sheets for Pint Corporation and its 80 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 $105,000 Inventory 165,000 Buildings & Equipment (net) 318,000 Investment in Saloon Company 256,800 Total Assets $844,800 Liabilities & Equity Accounts Payable $143,800 Common Stock 186,000 Retained Earnings 515,000 Total Liabilities & Equity $844,800 $ 59,000 104,000 282,000 $445,000 $ 71,000 132,000 242,000 $445,000 Pint acquired the shares of Saloon Company on January 1, 20x7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $101,000 and Saloon sold inventory to Pint for $308,000. Pint's balance sheet contains inventory items purchased from Saloon for $96,000. The items cost Saloon $56,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $26,000 that Pint had produced for $15,600. 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.) The December 31, 20X8, balance sheets for Pint Corporation and its 80 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 $105,000 Inventory 165,000 Buildings & Equipment (net) 318,000 Investment in Saloon Company 256,800 Total Assets $844,800 Liabilities & Equity Accounts Payable $143,800 Common Stock 186,000 Retained Earnings 515,000 Total Liabilities & Equity $844,800 $ 59,000 104,000 282,000 $445,000 $ 71,000 132,000 242,000 $445,000 Pint acquired the shares of Saloon Company on January 1, 20x7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $101,000 and Saloon sold inventory to Pint for $308,000. Pint's balance sheet contains inventory items purchased from Saloon for $96,000. The items cost Saloon $56,000 to produce. In addition, Saloon's inventory contains goods it purchased from Pint for $26,000 that Pint had produced for $15,600. 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.)
