Snow Corporation purchased all of the voting shares of Conger Corporation on January 1, 20X2. for \(\$ 365,000\). At that time Conger reported common stock outstanding of \(\$ 80,000\) and retained earnings of \(\$ 130,000\). The book values of Conger's assets and liabilities approximated their fair values, except for land which had a book value of \(\$ 80,000\) and a fair value of \(\$ 100,000\) and buildings which had a book value of \(\$ 220,000\) and a fair value of \(\$ 400,000\). Land and buildings are the only noncurrent assets held by Conger Corporation.

\section*{Required}

a. Compute the amount of negative goodwill at the date of acquisition.

b. Give the eliminating entry or entries required immediately following the acquisition to prepare a consolidated balance sheet.