finish basic consolidation entry please.
E4-14 Acquisition with Differential LO 4-2, 4-3 Plumber Corporation acquired all of Socket Corporation's voting shares on January 1, 20X2 for $170,000. At that time, Socket reported common stock outstanding of $80,000 and retained earnings of $130,000. The book values of Socket's assets and liabilities approximated fait values, except for land, which had a book value of $80,000 and a fair value of $100,000, and buildings, which had a book value of $220,000 and a fair value of $400,000. Land and buildings are the only noncurrent assets that Socket holds eBook Required: a. Compute the amount of goodwill at the date of acquisition. References Goodwit $ 60,000 b. Prepare the consolidating entry or entries required immediately following the acquisition to prepare a consolidated balance sheet. (If no entry is required for transaction/event, select "No journal entry required in the first account field.) Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit Common stock Retained earnings 80,000 160,000 E4-14 Acquisition with Differential LO 4-2, 4-3 Plumber Corporation acquired all of Socket Corporation's voting shares on January 1, 20X2 for $170,000. At that time, Socket reported common stock outstanding of $80,000 and retained earnings of $130,000. The book values of Socket's assets and liabilities approximated fait values, except for land, which had a book value of $80,000 and a fair value of $100,000, and buildings, which had a book value of $220,000 and a fair value of $400,000. Land and buildings are the only noncurrent assets that Socket holds eBook Required: a. Compute the amount of goodwill at the date of acquisition. References Goodwit $ 60,000 b. Prepare the consolidating entry or entries required immediately following the acquisition to prepare a consolidated balance sheet. (If no entry is required for transaction/event, select "No journal entry required in the first account field.) Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Event Accounts Debit Credit Common stock Retained earnings 80,000 160,000
