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Penny Manufacturing Company acquired $75$ percent of Saul Corporation stock at underlying book value. At the date of acquisition, the fair value of the noncontrolling interest was equal to $25$ percent of Saul$\mathrm{’}$s book value. The balance sheets of the two companies for January $1,\text{ }20$X$1,$ are as follows:

PENNY MANUFACTURING COMPANYBalance SheetJanuary $1,\text{Â }20$X$1$Cash$ $244,500$Accounts Payable$ $109,250$Accounts Receivable$64,000$Bonds Payable$398,000$Inventory$106,000$Common Stock$197,000$Buildings and Equipment$607,000$Additional Paid$-$In Capital$47,000$Less: Accumulated Depreciation$(131,000)$Retained Earnings$398,000$Investment in Saul Corporation$258,750\mathrm{Â }\mathrm{Â }$Total Assets$ $1,149,250$Total Liabilities and Equities$ $1,149,250$

SAUL CORPORATIONBalance SheetJanuary $1,\text{ }20$X$1$Cash$ $74,000$Accounts Payable$ $94,000$Accounts Receivable$104,000$Bonds Payable$298,000$Inventory$186,000$Common Stock $($$$10$ par$)100,000$Buildings and Equipment$607,000$Additional Paid$-$In Capital$47,000$Less: Accumulated Depreciation$(234,000)$Retained Earnings$198,000$Total Assets$ $737,000$Total Liabilities and Equities$ $737,000$

On January $2,\text{ }20$X$1,$ Penny purchased an additional $2,500$ shares of common stock directly from Saul for $$150,000.$

Prepare a consolidated balance sheet worksheet immediately following the issuance of additional shares to Penny.

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