Groomer purchased a controlling interest in three companies during 2014. Financial information concerning the three companies follows:

All other assets and liabilities on the balance sheet are at FMV.
Groomer purchased 8,000, 600, and 1,500 shares of Company X, Company Y, and Company Z, respectively. The share prices and cash payments follow.
Company X 8,000 × $10.60 = $84,800
Company Y 600 × 40.00 = 24,000
Company Z 1,500 × 11.00 = 16,500

REQUIRED:
For each company, prepare the journal entry to record the acquisition by Groomer. Then, for each company, prepare a journal entry that could have been recorded to include the individual assets and liabilities on the books ofGroomer.

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Company X $6,000 12,000 30,000 70,000 $118,000 $7,000 25,000 50,000 36,000 Company Y S 4,000 9,000 12,000 30,000 $55,000 $12,000 20,000 10,000 13,000 Company Z S 2,000 7,000 18,000 15,000 $42,000 5,000 18,000 15,000 4,000 Cash Accounts receivable Inventory Fixed assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and shareholders' equity $118,000 $55,000 $42,000 FMV: Inventory Fixed assets $45,000 75,000 10,000 $18,000 35,000 1,000 $18,000 15,000 2,000 Shares of stock outstanding before acquisition