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 $437,000 and $176,000, respectively, common stock outstanding of $87,000, and retained earnings of $174,000. The book values and fair values of Scrubs assets and liabilities were identical except for land, which had increased in value by $15,000, and inventories, which had decreased by $7,000.

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 $257,000.