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Posey Manufacturing Company acquired 90% of Stargell Corporation's outstanding common stock on December 31,205, for $1,116,900. At that date, the fair value of he noncontrolling interest was $124,100, and Stargell reported common stock outstanding of $487,000, premium on common stock of $267,000, and retained earnings of $407,000. The book values and fair values of Stargell's assets and liabilities were equal except for land, which was worth $30,000 more than its book value. On April 1, 20X6, Posey issued at par $200,000 of 10% bonds directly to Stargell; interest on the bonds is payable March 31 and September 30 . On January 2 , 20X7, Posey purchased all of Stargell's outstanding 10 -year, 12% bonds from an unrelated institutional investor at 98 . The bonds originally had been issued on January 2 , 201, for 101. Interest on the bonds is payable December 31 and June 30. Since the date it was acquired by Posey Manufacturing, Stargell has sold inventory to Posey on a regular basis. The amount of such intercompany sales totaled $67,000 n 206 and $83,000 in 20X7, including a 30% gross profit. All inventory transferred in 206 had been resold by December 31,206, except inventory for which Posey nad paid $18,000 and did not resell until January 207. All inventory transferred in 207 had been resold at December 31 , 20X7, except merchandise for which Posey rad paid $16,667 As of December 31, 20X7, Stargell had declared but not yet paid its fourth-quarter dividend of $12,750. Both Posey and Stargell use straight-line depreciation and amortization, including the amortization of bond discount and premium. On December 31, 20X7, Posey's management reviewed the amount attributed to goodwill as a esult of its purchase of Stargell common stock and concluded that an impairment loss in the amount of $25,000 had occurred during 207 and should be shared oroportionately between the controlling and noncontrolling interests. Posey uses the fully adjusted equity method to account for its investment in Stargell. On December 31,207, trial balances for Posey and Stargell appeared as follows: HOME Record the basic consolidation entry. Record the amortized excess value differential entry. c Record the excess value (differential) reclassification entry. Record the reversal of last year's deferral. Record the deferral of the 207 unrealized profits on the inventory transfer. Record the entry to eliminate the intercompany interest receivables/payables. Record the entry to eliminate the accrued interest on the intercompany bonds. Record the entry to eliminate the intercompany holdings of Stargell's bonds. Record the entry to eliminate the intercompany dividend payable/receivable