On January 1, Play borrowed $60 and used the money to buy 80% of Slay. The fair value of the noncontrolling interest was $15. The 60 debt is payable in 10 installments, with the first one within the next 12 months.

After the above transactions, condensed balance sheet information for the two companies is:

Play Slay

Current assets 70 20

Investment in Slay 60 -

Noncurrent assets 90 40

Total 220 60

Current liabilities 36 10

Long-term debt 104 0

Stockholders equity 80 50

Total 220 60

The excess of the fair value of Slay at acquisition over the book value of equity was allocated to inventory (60%) and to goodwill (the remaining 40%)

Give the entry or entries needed in consolidation as of the acquisition date (entries S and A in the book) (8 points)