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 $420,000 and $165,000, respectively, common stock outstanding of $80,000, and retained earnings of $175,000. The book values and fair values of Scrubs assets and liabilities were identical except for land, which had increased in value by $20,000, and inventories, which had decreased by $7,000.

1. Prepare the following consolidating entries required to prepare a consolidated balance sheet immediately after the business combination assuming Power acquired its ownership of Scrub for $251,000.

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Prepare the following consolidating entries required to prepare a consolidated balance sheet immediately after the business combination assuming Power acquired its ownership of Scrub for $251,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field