2. Alpha acquired 100% of Omega on 1/2/16 for $550,000. Following is a list of the Omega's assets, liabilities and equity, both book value and fair market value, at that date. Account Book Value Fair market value Cash $12,000 $12,000 Accounts Receivable $65,000 $56,000 PP&E $110,000 150,000 Land $250,000 $300,000 Accounts Payable $52,000 $60,000 CS 100,000 RE 175,000 What is the differential? Goodwill? What entry was made by parent to record acquisition? What entries will be made at acquisition to create consolidated financials