On January $1,2023,$ Rand Corp. paid $$240$ to acquire $100\%$ of Spaulding. Spaulding's book value was only $$140$ at the time. Spaulding had an unrecorded Patent with a fair value of $$55($five$-$year life$)$ at the date of acquistion. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill.

Following are the individual financial records for these two companies for the year ended December $31,2024.$ NOTE: the parenthesis indicate subtraction NOT credit balances. Assume all accounts have normal balances.

Required:

Prepare the $2024$ CONSOLIDATION ENTRIES for this business combination. $($USE DR to indicate debits and CR to indicate credits$).$