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LO4 53. Consolidation entries at date of acquisition (purchase price greater than book value) A parent company exchanges 20,000 shares of its $2 par value common stock, with a fair value of $10/ share, for all of the shares owned by the subsidiary's shareholders. On the acquisition date, the subsidiary reported $40,000 of contributed capital (i.e., Common Stock) and $100,000 of Retained Earnings. An ex- amination of the subsidiary's balance sheet revealed that book values were equal to fair values for all assets except for Property and Equipment, net, which has a book value of $70,000 and a fair value of $130,000. a. Prepare the entry that the parent makes to record the investment. b. Prepare the [E] and [A] consolidation entries