Everett corporation exchanges 3,000 shares of $10 par value common stock, with a market value of $100 per share for all of the shares of Hauser, Inc. On the acquisition date, hauser had $150,000 of common stock and $80,000 of retained earnings. Book values were equal to fair values except for land which was undervalued by $70,000.

a. Prepare the entry on Everett's books to record the purchase.

b. prepare all necessary consolidation entries.