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 $424,000 and $173,000, respectively, common stock outstanding of $97,000, and retained earnings of $154,000. The book values and fair values of Scrubs assets and liabilities were identical except for land, which had increased in value by $23,000, and inventories, which had decreased by $8,000.

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 $276,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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 $247,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)