On June $10,20$X$8,$ Playoff Corporation acquired $100$ percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows:

Item Playoff Corporation Series Company

Book Value Fair Value

Cash $ $18,000$ $ $8,000$ $ $8,000$

Accounts Receivable $30,00010,00010,000$

Inventory $89,00036,00041,000$

Buildings and Equipment $($net$)137,00067,00087,000$

Investment in Series Company $142,000$ 

Total $ $416,000$ $ $121,000$ $ $146,000$

Accounts Payable $ $18,000$ $ $3,000$ $ $3,000$

Bonds Payable $136,00022,000$ $ $22,000$

Common Stock $44,00014,000$ 

Retained Earnings $218,00082,000$ 

Total $ $416,000$ $ $121,000$ $ $25,000$

Required:

a$.$ Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. $1)$ record the basic consolidation entry? $2)$ record the excess value $($differential$)$ reclassification entry?