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T-Mobile 10:30 PM 266 The December 31, 20X8, balance sheets for Pint Corporation and its 70 percent-owned subsidiary Saloon Company contained the following summarized amounts

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T-Mobile 10:30 PM 266 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 Pint Corporation Saloorn Company Assets Cash & Receivables Inventory Buildings&Equipment (net) Investment in Saloon Company Total Assets $105,000 150,000 326,000 229, 600 $810, 600 47,000 118,000 289,000 $454,000 Liabilities & Equity Accounts Payable Comnon Stock Retained Earnings $103,600 192,000 $ 70,000 134,000 Total Liabilities& Equity $810,600 $454,000 Pint acquired the shares of Saloon Company on January 1, 20X7. On December 31, 20X8, assume Pint sold inventory to Saloon during 20X8 for $109,000 and Saloon sold inventory to Pint for $310,000. Pint's balance sheet contains inventory items purchased from Saloon for $100,000. The items cost Saloon $60,000 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 $73,000 and dividends of $14,600 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.) 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.)

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