7. (8 pts) On December 2, 2019, Dad Company purchased 75% of Sappy Company's stock for $850,000 cash. At this date, the book value of Sappy Company's assets included equipment that had a book value of $200,000 and a market value of $240,000. Sappy Company's equity consisted of $200,000 common stock and $800,000 retained earnings. a) Provide the entry to record the purchase on Dad Company's books: b) How much goodwill will be recognized in consolidation? $ c) Provide the consolidation elimination entry that would be required to consolidate the statements at December 2, 2019