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On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the

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On June 10, 20X8, 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: Series Company Book Value Fair Value $ 22,000 $ 22,000 11,000 11,000 27,000 32,000 60,000 80,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Playoff Corp. $ 32,000 31,000 94,000 122,000 146,000 $425,000 $ 11,000 139,000 36,000 239,000 $425,000 $120,000 $ 5,000 15,000 16,000 84,000 $120,000 $145,000 $ 5,000 15,000 $ 20,000 Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) On June 10, 20X8, 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: Series Company Book Value Fair Value $ 22,000 $ 22,000 11,000 11,000 27,000 32,000 60,000 80,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Playoff Corp. $ 32,000 31,000 94,000 122,000 146,000 $425,000 $ 11,000 139,000 36,000 239,000 $425,000 $120,000 $ 5,000 15,000 16,000 84,000 $120,000 $145,000 $ 5,000 15,000 $ 20,000 Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Entry Accounts Debit Credit 2 Record entry Clear entry view consolidation entries

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