Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31 , for $186,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Blank Corporation Faith Corporation
Assets
Cash $58,000 $31,000
Accounts Receivable 86,000 42,000
Inventory 115,000 61 ,000
Buildings and Equipment (net) 225,000
Investment in Faith Corporation Stock 186,000 157,000
Total Assests $670,000 $291,000

Liabilities and Stockholders' Equity
Accounts Payable $81,000 $29,000
Notes Payable 134,000 76,000
Common Stock 98,000 55,000
Retained Earnings 357,000 131,000
Total Liabilities and Stockholders' Equity $670,000 $291,000

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 $24,000.

Required:
a. Give the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination.
b. Prepare a consolidated balance sheet worksheet.