Prophet corporation woshes to prepare a consolidated balance sheet immediately following the business combination.

A. Record the basic consolidation entry.

B. Record excess value (differential) reclassification entry.

Prophet Corporation acquired 75 percent of Seer Corporation's voting common stock on December 31, 20X4, for $390,000. At the date of combination, Seer reported the following: At December 31,204, the book values of Seer's net assets and liabilites 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. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Consolidation Worksheet Entries B Record the taalic contolidation entry. Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits