Prophet Corporation acquired 75 percent of Seer Corporations voting common stock on December 31, 20X4, for $390,000. At the date of combination, Seer reported the following:

Assets				Liabilities
Current Assets	$	220,000		Current Liabilities	$	80,000
Long-Term Assets (net)		420,000		Long-Term Liabilities		200,000
				Common Stock		120,000
				Retained Earnings		240,000
Total	$	640,000		Total	$	640,000

At December 31, 20X4, the book values of Seer's net assets and liabilities approximated their fair values, except for buildings, which had a fair value of $80,000 more than book value, and inventories, which had a fair value of $36,000 more than book value. The fair value of the noncontrolling interest was determined to be $130,000 at that date. Required: Prophet Corporation wishes to prepare a consolidated balance sheet immediately following the business combination. Prepare the consolidation entry or entries needed to prepare a consolidated balance sheet at December 31, 20X4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Part B. Record the excess value (differential) reclassification entry.