On June 10, 20X8, Tower Corporation acquired 100 percent of Brown Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows:

	Tower Corp.				Brown Company
Item					Book Value				Fair Value
Cash		$	34,000			$	24,000			$	24,000
Accounts Receivable			48,000				28,000				28,000
Inventory			98,000				24,000				29,000
Buildings & Equipment (net)			136,000				65,000				85,000
Investment in Brown Stock			175,000
Total		$	491,000			$	141,000			$	166,000
Accounts Payable		$	24,000			$	4,000			$	4,000
Bonds Payable			139,000				12,000				12,000
Common Stock			41,000				20,000
Retained Earnings			287,000				105,000
Total		$	491,000			$	141,000			$	16,000

Required:

a.

Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Brown 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 basic consolidation entry.

Record the excess value (differential) reclassification entry.

Entry

Accounts

Debit

Credit

1