Zenith Corporation acquired 70 percent of Down Corporation's common stock on December 31, 20X4, for $102,200. The fair value of the noncontrolling interest at that date was determined to be $43,800. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: enith Down Corporation Corporation tem Cash 50,300 21,000 Accounts Receivable 90,000 44.000 Inventory 130,000 75.000 Land 60.000 30,000 Buildings & Equipment 410,000 250.000 Less: Accumulated Depreciation 150,000 (80,000) 102,200 Investment in Down Corporation Stock Total Assets 692,500 $340,000 Accounts Payable 152,500 35,000 Mortgage Payable 250,000 180,000 Common Stock 80.000 40.000 Retained Earnings 210,000 85.000 Total Liabilities & Stockholders' Equity 692,500 340,000 At the date of the business combination, the book values of Down's assets and liabilities approximated fair value except for inventory, which had a fair value of $81,000, and buildings and equipment, which had a fair value of $185,000. At December 31, 20X4, Zenith reported accounts payable of $12,500 to Down which reported an equal amount in its accounts receivable. Required a. Record the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Answer is not complete Entry Accounts Debit Credit X 102,200X Investment in Down Corporation 102,200X Cash