P corporation paid 300000cash for 80percent of S corporation which becomes subsidairy. Prepare the following

S Company Net Assets at Book Value
Inventory
Other Assets
Plant
Liabilities
Long Term Debt
Net Assets at Book
Net Assets at Market
Paid $300,000 for 80%
Noncontrolling interest 20%
Acquisition date fair value
Fair Market Value
Goodwill	115,000
Controlling interest - 80%
Noncontrolling interest - 20%
Goodwill	115,000
		On December 31, 200X P Corporation paid $300,000 cash for 80% of the common stock of S Company which becomes a subsidiary. Following information is shown prior to the acquisition being recorded: P Company Assets Liabilities and Equity Cash 580,000 Liabilities 90,000 Inventories 60,000 Plant 340,000 Common Stock, $5pv 100,000 Paid in Capital 200,000 Retained Earnings 590,000 Total 980,000 Total 980,000 S Company Assets Liabilities and Equity Inventories 20,000 Liabilities 30,000 Other assets 40,000 Long Term Debt 50,000 Plant 140,000 Common Stock, $10pv 40,000 Paid in Capital 20,000 Retained Earnings 60,000 Total 200,000 Total 200,000 S market values are: Plant $250,000 Inventory $50,000 1. Prepare the entries in journal format to record the acquisition and post to the general edger accounts. 2. Prepare a consolidation workpaper.