Paco Company acquired 100 percent of the stock of Salad Corporation on January 1, 20X4. At the time of the combination, Salad reported common stock outstanding of $300,000 and retained earnings of $400,000, Paco paid $780,000 for the acquisition. Book value approximated fair value for all of Salad's assets and liabilities except for buildings which had a fair value $60,000 more than its book value and a remaining useful life of 10 years. Any remaining differential was related to goodwill. Salad reported net income of $40,000 and paid dividends of $10,000 for 20X4. Required: Present the following consolidating entries needed to prepare a consolidated financial statement at December 31, 20X4. 1. The basic consolidation entry; 2. The excess value reclassification entry; 3. The amortized excess value reclassification entry. Edit View Insert Format Tools Table 12pt Paragraph BIUAT