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Can you please show the work. TIA Blank Corporation acquired 100 percent of Faith...

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Accounting

imageimageimageimageCan you please show the work. TIA

Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $213,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Corporation Faith Corporation Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity $ 73,000 82,000 102,000 211,000 213,000 $681,000 $ 25,000 52,000 74,000 153,000 $304,000 $ 86,000 135,000 85,000 375,000 $681,000 $ 21,000 70,000 48,000 165,000 $304,000 At the date of the business combination, the book values of Faith's net assets and liabilities approximated fair value. Assume Faith Corporation's accumulated depreciation on buildings and equipment on the acquisition date was $26,000. Required: a. Give 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.) Worksheet Entries

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