On January 1, 2021, Mopper Company purchased 100% of the common stock Evergy Industries for $720,000. On that date, Evergy had common stock of $100,000 and retained earnings of $420,000. Equipment and land were each undervalued by $50,000 on Evergys books. There was a $40,000 overvaluation of Bonds Payable, as well a $60,000 undervaluation of inventory.

The consolidation entries necessary for a date of acquisition balance sheet include all of the following, except:

		Equipment debit, $50,000
		Inventory debit, $60,000
		Land debit, $50,000
		Bonds Payable credit, $40,000