On January 2, 2021, Agamemnum & Co. acquired 90% of the outstanding common stock of Nabisco Company for $480,000 cash. Just before the acquisition, the balance sheets of the two companies were as follows:

	Agamemnum & Co		Nabisco Company
Cash	$ 650,000		$ 160,000
Accounts Receivable (net)	360,000		60,000
Inventory	290,000		140,000
Plant and Equipment (net)	970,000		240,000
Land	150,000		80,000
Total Assets	$2,420,000		$680,000
Accounts Payable	$ 260,000		$ 120,000
Mortgage Payable	180,000		100,000
Common Stock, $2 par value	1,000,000		170,000
Other Contributed Capital	520,000		50,000
Retained Earnings	460,000		240,000
Total Equities	$2,420,000		$680,000

The fair values of Smithwick's assets and liabilities are equal to their book values with the exception of land.

Required:

A. Prepare the journal entry necessary to record the purchase of Nabisco Company's common stock.

B. Prepare a consolidated balance sheet at the date of acquisition.