Phone Corporation acquired 70 percent of Smart Corporations common stock on December 31, 20X4, for $93,800. At that date, the fair value of the noncontrolling interest was $40,200. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

	Phone					Smart
Item	Corporation					Corporation
Cash		$	62,300				$	24,000
Accounts Receivable			91,000					50,000
Inventory			131,000					90,000
Land			76,000					31,000
Buildings & Equipment			421,000					251,000
Less: Accumulated Depreciation			(167,000	)				(70,000	)
Investment in Smart Corporation			93,800
Total Assets		$	708,100				$	376,000
Accounts Payable		$	150,500				$	28,000
Mortgage Payable			289,600					235,000
Common Stock			68,000					32,000
Retained Earnings			200,000					81,000
Total Liabilities & Stockholders Equity		$	708,100				$	376,000

At the date of the business combination, the book values of Smarts assets and liabilities approximated fair value except for inventory, which had a fair value of $96,000, and buildings and equipment, which had a fair value of $196,000. At December 31, 20X4, Phone reported accounts payable of $14,300 to Smart, which reported an equal amount in its accounts receivable.

a. Record the basic consolidation entry.

b. Record the excess value (differential) reclassification entry.

c. Record the entry to eliminate the intercompany accounts.

d. Record the optional accumulated depreciation consolidation entry.