Purchase Corporation purchased 60 percent of Steal Company ownership on January 1, 20X7, for $292,500. Steal reported the following net income and dividend payments:

Year	Net Income	Dividends Paid
20X7	$ 53,000	$ 33,000
20X8	63,000	43,000
20X9	38,000	18,000

On January 1, 20X7, Steal had $265,000 of $9 par value common stock outstanding and retained earnings of $165,000, and the fair value of the noncontrolling interest was $195,000. Steal held land with a book value of $26,500 and a market value of $34,000 and equipment with a book value of $331,000 and a market value of $371,000 at the date of combination. The remainder of the differential at acquisition was attributable to an increase in the value of patents, which had a remaining useful life of 10 years. All depreciable assets held by Steal at the date of acquisition had a remaining economic life of eight years.

Prepare the consolidation entries needed at December 31, 20X9, to prepare a three-part consolidation worksheet.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

a) Record the basic consolidation entry.

b) Record the amortized excess value reclassification entry.

c)Record the excess value (differential) reclassification entry.