Print Question 27 Not yet answered Marked out of 22.00 Flag question Consolidation entries at date of acquisition (purchase price greater than book value) A parent company exchanges 12,000 shares of its $2 par value common stock, with a fair value $9/share, for all of the shares owned by the subsidiary's shareholders. On the acquisition date, the subsidiary reported $30,000 of contributed capital (i.e. common stock) and $45,000 of Retained Earnings. An examination of the subsidiary's balance sheet revealed that book values were equal to fair values for all assets except for PPE (net), which has a book value of $40,000 and a fair value of $73,000 a. Prepare the entry that the parent makes to record the investment. General Journal Description Debit Credit Common stock b. Prepare the [E] and [A] consolidation entries. Consolidation Worksheet Description Debit Credit [E] Common stock . IA . Macboo