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 $173,000, respectively, common stock outstanding of $98,000, and retained earnings of $150,000. The book values and fair values of Scrubs assets and liabilities were identical except for land, which had increased in value by $16,000, and inventories, which had decreased by $7,000.

Consolidation Worksheet Entries Note: Enter debits before credits. Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits