Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date of acquisition, Scrub Company reported assets and liabilities with book values of $421,000 and $178,000, respectively, common stock outstanding of $96,000, and retained earnings of $147,000. The book values and fair values of Scrub's assets and liabilities were identical except for land, which had Increased in value by $21,000, and Inventories, which had decreased by $6,000. Required: a. Prepare the following consolidation entries required to prepare a consolidated balance sheet Immediately after the business combination assuming Power acquired its ownership of Scrub for $268,000. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) Answer is complete and correct. No A Event 1 Retained earnings Common stock Accounts Debit Credit 147,000 98,000 Investment in Scrub Company 243,000 B 2 Land Goodwill Inventories Investment in Scrub Company 21,000 10,000 8,000- 25,000 b. Prepare the following consolidation entries required to prepare a consolidated balance sheet Immediately after the business combination assuming Power acquired its ownership of Scrub for $239,000. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) Answer is not complete. No Event Accounts Debit Credit A 1 Retained earnings 147,000 A No Event Accounts 1 Retained earnings Debit 147,000 Credit Common stock 96,000 Investment in Scrub Company 243,000 B 2 Land Goodwill Inventories Investment in Scrub Company 21,000 10,000 8,000- 25,000 b. Prepare the following consolidation entries required to prepare a consolidated balance sheet Immediately after the business combination assuming Power acquired its ownership of Scrub for $239,000. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) A No Answer is not complete. Event Accounts Debit Credit 1 Retained earnings Common stock 147,000 96,000 Investment in Scrub Company 243,000 B 2 Land Investment in Scrub Company Inventories Revaluation capital 21,000 4,000 6,000 19,000 x