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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 Sauls book value. The balance sheets of the two companies for January 1, 20X1, are as follows:

PENNY MANUFACTURING CORPORATION Balance Sheet January 1, 20X1
Cash	$	230,500			Accounts Payable	$	94,500
Accounts Receivable		61,000			Bonds Payable		396,000
Inventory		100,000			Common Stock		198,000
Buildings & Equipment		620,000			Additional Paid-In Capital		48,000
Less: Accumulated Depreciation		(137,000	)		Retained Earnings		396,000
Investment in Saul Corporation		258,000
Total Assets	$	1,132,500			Total Liabilities & Equities	$	1,132,500	SAUL CORPORATION Balance Sheet January 1, 20X1 Cash $ 79,000 Accounts Payable $ 119,000 Accounts Receivable 101,000 Bonds Payable 296,000 Inventory 180,000 Common Stock ($10 par) 100,000 Buildings & Equipment 620,000 Additional Paid-In Capital 48,000 Less: Accumulated Depreciation (221,000 ) Retained Earnings 196,000 Total Assets $ 759,000 Total Liabilities & Equities $ 759,000 On January 2, 20X1, Penny purchased an additional 2,500 shares of common stock directly from Saul for $150,000. Required: a. Prepare the consolidation entry needed to complete a consolidated balance sheet worksheet immediately following the issuance of additional shares to Penny. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare a consolidated balance sheet worksheet immediately following the issuance of additional shares to Penny. (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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