The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts:

On January 1, 20X3, Point Corporation acquired 70 percent of the common shares and 60 percent of the preferred shares of Separate Company at underlying book value. At that date, the fair value of the noncontrolling interest in Separate’s common stock was equal to 30 percent of the book value of its common stock.

Required

Give the worksheet consolidation entries needed to prepare a consolidated balance sheet immediately following Point’s purchase of shares.

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Total Assets Total Assets $350,000 $350,000 Total Liabilities Preferred Stock Common Stock Retained Earnings Total Liabilities & Equities $ 50,000 100,000 50,000 150,000 $350,000