a. record basic consolidation entry

b. record excess value reclassification entry

c. record entry to eliminate intercompany accounts

d.record optional accumulated depreciation consolidation entry

Phone Corporation acquired 70 percent of Smart Corporation's common stock on December 31, 20X4, for $95,900. At that date, the fair value of the noncontrolling interest was $41,100. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: poed Book Phone Corporation $ 62,300 104,000 144,000 67,000 415, eee (153,690) 95.900 $ 735,200 $ 144,500 329,700 71,000 120,000 $ 735,200 Smart Corporation $ 30,000 63,000 94,000 33,000 267,000 (72,000) Item Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Investment in Smart Corporation Total Assets Accounts Payable Mortgage Payable Connon Stock Retained Earnings Total Llabilities & Stockholders' Equity $415,000 $ 25,000 274,000 38,000 78,000 3415,000 At the date of the business combination, the book values of Smart's ossets and libilities approximated for value except for inventory, which hnd a fair value of $100,000, and buildings and equipment, which had a fair value of $210,000. At December 31. 20x4. Phone reported accounts payable of $13,400 to Smart, which reported an equal amount in its accounts receivable, Required: a. Prepare the consolidation entry or entries needed to prepare a consolidated balance sheet immediately following the business combination (If no entry is required for a transaction/event, select "No journal entry required in the first account field.)