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A. Record the basic consolidation entry.

B. Record the excess value (differential) reclassification entry.

Prophet Corporation acquired 75 percent of Seer Corporation's voting common stock on December 31,204, for $390,000. At the date of combination, Seer reported the following: At December 31, 20X4, the book values of Seer's net assets and liabilities approximated their fair values, except for buildings, which had a fair value of $80,000 more than book value, and inventories, which had a fair value of $36,000 more than book value. The fair value of the noncontrolling interest was determined to be $130,000 at that date. Required: Prophet Corporation wishes to prepare a consolidated balance sheet immediately following the business combination. Prepare the consolidation entry or entries needed to prepare a consolidated balance sheet at December 31, 204. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Record the excess value (differential) reclassification entry. Note: Enter debits before credits. \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Answer is not complete. } \\ \hline No & Event & Acco & & Debit & Credit \\ \hline \multirow[t]{6}{*}{ A } & 1 & Common stock & & 120,000 & \\ \hline & & Retained earnings & 2 & 240,000 & \\ \hline & & Investment in Seer Corporation & & 116,000 & \\ \hline & & Goodwill & x & 33,000 & \\ \hline & & Investment in Seer Corporation & & & 390,000 \\ \hline & & & & & 119,000 \\ \hline \end{tabular}