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Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for...

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Accounting

Plump Corporation acquired 100 percent of Slim Corporation's common stock on December 31, 20X2, for $242,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

Item Plump Corporation Slim Corporation
Cash $ 29,000 $ 21,000
Accounts Receivable 102,000 44,000
Inventory 114,000 65,000
Buildings and Equipment (net) 235,000 153,000
Investment in Slim Corporation 242,000
Total Assets $ 722,000 $ 283,000
Accounts Payable $ 73,000 $ 20,000
Notes Payable 141,000 62,000
Common Stock 97,000 58,000
Retained Earnings 411,000 143,000
Total Liabilities and Stockholders Equity $ 722,000 $ 283,000

At the date of the business combination, Slim's net assets and liabilities approximated fair value except for inventory, which had a fair value of $89,000, and buildings and equipment (net), which had a fair value of $170,000.

Required:

Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination.

Prepare a consolidation balance sheet worksheet.

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