On December 31, 20X6, Print Corporation and Size Company entered into a business combination in which Print acquired all of Sizes common stock for $987,000. At the date of combination, Size had common stock outstanding with a par value of $118,000, additional paid in capital of $413,000, and retained earnings of $185,000. The fair values and book values of all Sizes assets and liabilities were equal at the date of combination, except for the following:

	Book Value				Fair Value
Inventory		$	65,000			$	70,000
Land			85,000				179,000
Buildings			413,000				503,000
Equipment			503,000				585,000

The buildings had a remaining life of 17 years, and the equipment was expected to last another 7 years. In accounting for the business combination, Print decided to use push-down accounting on Sizes books. During 20X7, Size earned net income of $94,000 and paid a dividend of $50,000. All of the inventory on hand at the end of 20X6 was sold during 20X7. During 20X8, Size earned net income of $96,000 and paid a dividend of $50,000. Required: a. Record the acquisition of Size's stock on Print's books on December 31, 20X6.

• Record the initial investment in Size Co.

b. Record any entries that would be made on December 31, 20X6, on Sizes books related to the business combination if push-down accounting is employed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the evaluation of the assets of Size Co.

c. Present all consolidating entries that would appear in the worksheet to prepare a consolidated balance sheet immediately after the combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the basic consolidation entry.

d. Present all entries that Print would record during 20X7 related to its investment in Size if Print uses the equity-method of accounting for its investment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the dividend received from Size Co.

e. Present all consolidating entries that would appear in the worksheet to prepare a full set of consolidated financial statements for the year 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the basic consolidation entry.

f. Present all consolidating entries that would appear in the worksheet to prepare a full set of consolidated financial statements for the year 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the basic consolidation entry.