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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

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. image text in transcribedimage text in transcribed

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

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