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 $425,000 and $179,000, respectively, common stock outstanding of $84,000, and retained earnings of $162,000. The book values and fair values of Scrub's assets and liabilities were identical except for land, which had increased in value by $16,000, and Inventories, which had decreased by $7,000. 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 $271,000. (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 162,000 84,000 Investment in Scrub Company 246,000 B 2 Land Goodwill Inventories Investment in Scrub Company. 16,000 18,000 7,000 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 $242,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No A Event Accounts 1 Retained earnings Debit 162,000 Credit Common stock Investment in Scrub Company 84,000 246,000 B 2 Land Investment in Scrub Company Inventories 16,000 7,000