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 BOX Dint Corporation Assets Cash Receivables 3115,00 Inventory 151,000 Bulidines Equipient (neto 327,00 Lovestrent in Saloon Company 259,20 Total Assets SHS2.200 Liabilities & Equity Accounts Payable 34420 con stock ox.oue Metalsed Carrings 26 de Total Liabilities & Equity 585420 $ 51, 118 285,00 $454,00 3127.000 1 ou 245,000 364,20 Pint acquired the shares of Saloon Company on January 1, 20xz On December 31, 20X8. assume Pint sold inventory to Saloon during 20x8 for $110,000 and Saloon sold Inventory to Pint for $307000. Pints balance sheet contains inventory items purchased from Saloon for $105,000. The items cost Saloon $65.000 to produce. In addition, Saloon's Inventory contains goods it purchased from Pint To $26.000 That Pint had produced for $15,600. Assume Saloon reported net come or 572.000 and dividends of $14.400 Required: a Prepare al consolidation entries needed to complete a consolidated balance sheet worksheet as of December 31, 20x8, xit no entry is required for a transaction event, select "No journal entry Yequired in the first account feld. Do not round Intermediate calculations) 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.) A Record the basic consolidation entry. B Record the entry to defer this year's unrealized profit on Inventory transfers. Credit Note - Journal entry has been entered Recorder Clareny Visit 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 deblt 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.) PIHT CORPORATION SUBSIDIARY Consolidated Balance Sheet Worksheet December 2008 Consolidation Entries Pint Saloon DR CR Corporation Company Consolidated $ Ols OS als 015 0 Assets Cash and receivables Inventory Boldings & equipment (net Investment in Saloon Company Total Assets abilities & Equity Accounts payable Common stock Renderings INCINA of Saloon Company Nota Labinties & Equity 5 OS OS OS
