Plumber Corporation acquired all of Socket Corporation's voting shares on January 1,20 2, for $ 481,000. At that time, Socket reported common stock outstanding of $ 89,000 and retained earnings of $ 132,000. The book values of Socket's assets and liabilities approximate fair values, except for land had a book value of $89,000 and a fair value of $109,000, and building, which had a book value of $222,000 and fair value of $410,000. Land and building are the only noncurrent assets that socket holds.

a. Compute the amount of goodwill at the date of acquisition.

b.Prepare the consolidation entry or entries required immediately following the acquisition to prepare a consolidated balance sheet.