pter 5 Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Bool Vatue E5-3 Consolidation Entries with Differential On June 10, 20X8 , Private Corporation acquired 60 percent of Secret Company's common stock. The fair value of the noncontrolling interest was $32,800 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows: Secret Company Private Corp. Fair Value Book Value Book Value dvanced udyGuide Item $ 5,000 10,000 5,000 10,000 $ 25,800 30,000 80,000 120,000 49,200 Cash .com Accounts Receivable 20,000 25,000 Inventory Buildings & Equipment (net) Investment in Secret Company 70,000 50,000 $110,000 $85,000 $305,000 Total $ 3,000 $3,000 $ 25,000 150,000 55,000 Accounts Payable Bonds Payable 25,000 20,000 25,000 Common Stock 37,000 75,000 Retained Earnings $ 28,000 $85,000 $305,000 Total Required a. Give the cons olidation entries required to prepare a consolidated balance sheet immediately after the purchase of Secret Company shares. b. Explain how consolidation entries differ from other types of journal entries recorded in the normal course of business