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 and Receivables	$ 116,000	$ 54,000
Inventory	168,000	114,000
Buildings and Equipment (net)	320,000	298,000
Investment in Saloon Company	222,500
Total Assets	$ 826,500	$ 466,000
Liabilities and Equity
Accounts Payable	$ 117,500	$ 91,000
Common Stock	189,000	140,000
Retained Earnings	520,000	235,000
Total Liabilities and Equity	$ 826,500	$ 466,000

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. Pints balance sheet contains inventory items purchased from Saloon for $97,000. The items cost Saloon $57,000 to produce. In addition, Saloons inventory contains goods it purchased from Pint for $30,000 that Pint had produced for $18,000. Assume Saloon reported net income of $70,000 and dividends of $14,000.

Required:

Prepare all consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20X8.

Note: 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.