Consolidation entries at date of acquisition (purchase price greater than book value) A porent company exchanges 28,000 shares of its $2 par value common stock, with a fair value of 510 share, for all of the shares owned by the subildiary's sharehoiders. On the acquisition date, the subsidiary reported $56,000 of contributed capital (Le, common stoch) and 5140,000 of Retained farnings. An examination of the subsidiary's batance sheet reveded that bock values were equal to fair values for all assets except for ppe inet which has a book value of $98,000 and a fair value of $182000. a. Prepare the entry that the patent makes to record the invesiment. b. Prepare the ID and IA consolidation entries. Plesteanser al points of the que ition