Powder Company spent $ to acquire all of Sawmill Corporation's stock on January X The balance sheets of the two companies on December X showed the following amounts:Powder Company Sawmill CorporationCash$ $ Accounts ReceivableLandBuildings and EquipmentLess: Accumulated DepreciationInvestment in Sawmill Corporation$ $ Accounts Payable$ $ Taxes PayableNotes PayableCommon StockRetained Earnings$ $ Sawmill reported retained earnings of $ at the date of acquisition. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of years from the date of acquisition. Assume Sawmill's accumulated depreciation on the acquisition date was $a Give the appropriate consolidation entry or entries needed to prepare a consolidated balance sheet as of December X b Prepare a consolidated balance sheet worksheet as of December X
