On Dec 31, 2018 AT&T exchanged 10,000 shares of it's $19 par value common stock for 100% of the outstanding shares of verizon.

QUESTION 12 The following are GAAP book value financial statements for AT&T and Verizon for the year ending December 31, 2018 prior to AT&T's 100% acquisition of Verizon. AT&T Verizon Sales $360,000 $228,000 Expenses (240,000). (132,000). Net income $120,000 $ 96,000 Retained earnings, January 1, 2018 $480,000 $252,000 Net income (from above) 120,000 96,000 Dividends paid (36,000) -0- Retained earnings, December 31, 2018 $564,000 $348,000 Current assets $360,000 $120,000 Land 120,000 108,000 Building (net) 480,000 336,000 Total assets $960,000 $564,000 Liabilities $108,000 $132,000 Common stock 192,000 72,000 Additional paid-in capital 96,000 12,000 Retained earnings, December 31,2018 564,000 348,000 Total liabilities and stockholders' equity $960,000 564,000On Dec. 31, 2018, (subsequent to the preceding statements), AT&T exchanged 10,000 shares of its $10 par value common stock for 100% of the outstanding shares of Verizon, AT&T's stock on the date of acquisition had a fair value of $60 per share. AT&T also paid $25,000 in cash for legal and accounting fees and $15,000 in cash in stock issuance costs associated with this acquisition. 0n the date of acquisition, Verizon' land was appraised at a fair value of $204,000. These two companies remained separate legal entities after the acquisition. Here is the Fair Value Allocation Schedule as of the Acquisition Date FV: 600,000 BV : 432,000 (348 + 12 + 72) Excess 168 Land Excess .(9_6) 204-1 08 Goodwill 72 R_equired These two companies remained separate legal entities after the acquisition. Record the Consolidation Entries, if any as of the acquisition date. If no entries are required, write "no entry"