$(20$ pts$)$ Weakfish Company purchased $100\%$ of Squeteague Company on January $1,2021$ for $$950,000$ by issuing $200,000$ shares of its $$1$ par common stock.

The book value of Squeteague at the time was $$800,000$ with the excess attributed to goodwill and equipment equally. There were direct expenses $$15,000$ and indirect expenses of $$40,000.$

The purchase is an acquisition or consolidation.

a$.$ Record the acquisition on January $1,2021$ on the books of Weakfish.

b$.$ Assume that the balance sheets immediately after the acquisition are below. Show the elimination$/$consolidation entries to put them together on the worksheet and complete the worksheet.