Plaza Corporation acquired 100 percent of Square Corporation's voting common stock on December 31, 20X4, for $403,000. At the date of combination, Square reported the following:

Assets					Liabilities
Cash		$	136,000		Current Liabilities		$	80,000
Inventory			110,000		Long-Term Liabilities			259,000
Buildings (net)			423,000		Common Stock			103,000
					Retained Earnings			227,000
Total		$	669,000		Total		$	669,000

At December 31, 20X4, the book values of Square's net assets and liabilities approximated their fair values, except for buildings, which had a fair value of $11,000 less than book value, and inventories, which had a fair value $33,000 more than book value. Required: Plaza Corporation wishes to prepare a consolidated balance sheet immediately following the business combination. Prepare the consolidating entry or entries needed to prepare a consolidated balance sheet at December 31, 20X4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Consolidation Worksheet Entries

• Record the basic consolidation entry.

Note: Enter debits before credits.

Entry	Accounts	Debit	Credit
1

• Record the excess value (differential) reclassification entry.

Note: Enter debits before credits.

Entry	Accounts	Debit	Credit
2