Mason Corporation acquired 100 percent ownership of Best Company on February 12, 20X9. At the date of acquisition, Best Company reported assets and liabilities with book values of $421,000 and $169,000, respectively, common stock outstanding of $90,000, and retained earnings of $162,000. The book values and fair values of Bests assets and liabilities were identical except for land, which had increased in value by $19,000, and inventories, which had decreased by $9,000.

Required: a. Prepare the following consolidation entries required to prepare a consolidated balance sheet immediately after the business combination assuming Mason acquired its ownership of Best for $277,000.

b.

Prepare the following consolidation entries required to prepare a consolidated balance sheet immediately after the business combination assuming Mason acquired its ownership of Best for $250,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)