Mumford Co. acquires, at book value, Bart Industries on January 2, 2016, by issuing 35,000 common shares, $1 par, with a market value on the acquisition date of $8 per share. The book values of Barts individual net assets approximate their fair values. The separate financial statements of the parent and subsidiary, for the year ended December 31, 2016, are presented below. Required: Prepare the journal entry on Mumford's books to record the acquisition. Prepare a schedule showing how the balance in Equity Investment was arrived at. Prepare all consolidation entries for the year ending December 31, 2016.