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 $429,000 and $177,000, respectively, common stock outstanding of $86,000, and retained earnings of $166,000. The book values and fair values of Bests assets and liabilities were identical except for land, which had increased in value by $22,000, 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
	Record the basic consolidation entry Record the excess value (differential) reclassification entry.