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 $422,000 and $179,000, respectively, common stock outstanding of $94,000, and retained earnings of $149,000. 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 $6,000. 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 $268,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the basic consolidation entry.
• Record the excess value (differential) reclassification entry.

Note: Enter debits before credits.

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 $239,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the basic consolidation entry.
• Record the excess value (differential) reclassification entry.