Paco Company acquired 100 percent of the stock of Garland Corp. on December 31, 20X8. The stockholder's equity section of Garland's balance sheet at that date is as follows: Common Stock Additional Paid-In Capital Retained Earnings Total $300,000 500,000 $1,200,000 Paco financed the acquisition by using $880,000 casha approximated fair value for all of Garland's assets and liabilities except for buildings which had a fair value of $60,000 more than its book value and a remaining useful life of 10 years. Any remaining differential was related to goodwill. Paco has an account payable to Garland in the amount of $30,000. Required: 1) Present all consolidating entries needed to prepare a consolidated balance sheet immediately following the acquisition. (no optional entry required)