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On January 1, 20X8, Polo Corporation acquired 75 percent of Stallion Company's voting common stock for $300,000. At the time of the combination, Stallion reported common stock outstanding of $200,000 and retained earnings of $150,000, and the fair value of the noncontrolling interest was $100,000. The book value of Stallion's net assets approximated market value except for patents that had a market value of $50,000 more than their book value. The patents had a remaining economic life of ten years at the date of the business combination. Stallion reported a net income of $40,000 and paid dividends of $10,000 during 20X8.
Problem 1: What is a consolidating entry needed to prepare full set of consolidated financial statements on December 31, 20X8:
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