b$.$ Prepare a consolidated balance sheet workpaper.$4-8$ Balance Sheet Workpaper with DifferentialBlank Corporation acquired $100$ percent of Faith Corporation's common stock on December $31,20\mathrm{????}2,$ for $$189,000.$ Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:Consolidation of Wholly Owned Subsidiaries$\backslash$table$[[,\backslash$table$[[$Blank$],[$Corporation$]],\backslash$table$[[$Faith$],[$Corporation$]]],[$Item$,$$$26,000,$$$18,000$

b$.$ Prepare a consolidated balance sheet workpaper.$4-8$ Balance Sheet Workpaper with DifferentialBlank Corporation acquired $100$ percent of Faith Corporation's common stock on December $31,20\mathrm{????}2,$ for $$189,000.$ Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:Consolidation of Wholly Owned Subsidiaries$\backslash$table$[[,\backslash$table$[[$Blank$],[$Corporation$]],\backslash$table$[[$Faith$],[$Corporation$]]],[$Item$,$$$26,000,$$$18,000$

   

4 Consolidation of Wholly Owned Subsidiaries Item Blank Corporation $ 26,000 Faith Corporation $ 18,000 37,000 Cash 87,000 Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Accounts Payable 110,000 60,000 220,000 150,000 189,000 $632,000 $265,000 $ 92,000 $ 35,000 150,000 80,000 Notes Payable 100,000 60,000 Common Stock 290,000 90,000 Retained Earnings Total Liabilities and Stockholders' Equity $632,000 $265,000 At the date of the business combination, Faith's net assets and liabilities approximated fair valu except for inventory, which had a fair value of $84,000 and buildings and equipment (net), which had a fair value of $165,000. Required a. Give the eliminating entry or entries needed to prepare a consolidated balance sheet immedi ately following the business combination. b. Prepare a consolidation balance sheet workpaper.