On January 2, 2020, Parrot purchased 75% of Sally Company's stock for $430,000 cash. At this date, the book value of Sally Company's assets included land that had a book value $70,000 and a market value of $85,000. Sally Company's equity consisted of $200,000 common stock and $300,000 retained earnings.

a) Provide the entry to record the purchase on Parrot Company's books:

b) How much goodwill will be recognized in consolidation? $ __________

c) Provide the consolidation elimination entry that would be required to consolidate the statements at January 2, 2020: