Plumber Corporation acquired all of Socket Corporation's voting shares on January 1, 20X2, for $481,000. At that time, Socket reported common stock outstanding of $80,000 and retained earnings of $144,000. The book values of Socket's assets and liabilities approximated fair values, except for land, which had a book value of $80,000 and a fair value of $100,000, and buildings, which had a book value of $229,000 and a fair value of $403,000. Land and buildings are the only noncurrent assets that Socket holds. Required: a. Compute the amount of goodwill at the date of acquisition. b. Prepare the consolidating entry or entries required immediately following the acquisition to prepare a consolidated balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount of goodwill at the date of acquisition. Goodwill < Required A Required B >