on X ayol Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for companies immediately after the stock acquisition are as follows: points Playoff Corp. eBook Pet Series Company Book Value Fair Value $5,000 $ 5,000 10,000 10, eee 20, eee 25, eee 50,00 70, eee References Item Cash Accounts Receivable Inventory Buildings & Equipnent (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 15,000 30,000 80, eee 120, eee 1ee, eee $345,000 $ 25,eee 150, eee 55, eee 115, eee $345,000 $85,000 $ 3,888 25, eee 2e, eee 32, eee $85,000 $110,eee $ 3,00 25, eee $ 28, eae Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. Of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Accounts Debit Credit Entry 1 Common stock (Retained earnings WO Saeet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Accounts Debit Credit Entry 2