The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts: Total Assets $ 425,000 Total Liabilities $ 60,000 Preferred Stock 135,000 Common Stock 50,000 Retained Earnings 180,000 Total Assets $ 425,000 Total Liabilities and Equities $ 425,000On January 1, 20X3, Joint Corporation acquired 80 percent of the common shares and 70 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 20 percent of the book value of its common stock. Required:Prepare the worksheet consolidation entries needed to prepare a consolidated balance sheet immediately following Joint’s purchase of shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Preferred stockcommon stockretained earningsinvestments in separate Common StockInvestment in Separate Preferred StockNCI in NA of Separate