hi S On June 10, 20X8, Private Corporation acquired 70 percent of Secret Company's common stock. The fair value of the noncontrolling interest was $23,400 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows: Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Secret Company Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Private Corporation Book Value $ 30,800 31,000 96,000 133,000 54,600 $ 345,400 $ 18,000 199,400 54,000 74,000 $ 345,400 Secret Company Book Value $ 15,000 20,000 30,000 57,000 $ 122,000 $ 3,000 66,000 18,000 35,000 $ 122,000 Fair Value $ 15,000 20,000 35,000 77,000 $ 147,000 $ 3,000 66,000 $ 69,000 Required: a. Record the consolidation entries required to prepare a consolidated balance sheet immediately after the purchase of Secret Company shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

On June 10, 20X8, Private Corporation acquired 70 percent of Secret Company's common stock. The fair value of the noncontrolling interest was $23,400 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows Required: a. Record the consolidation entries required to prepare a consolidoted balance sheet immediately offer the purchase of Secret Company shares Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Note: Enter debits before credits. Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits