Restart your subscription to keep accessing solutions. Your Chegg Study subscription will expire on July Required: Provide the journal entries necessary to account for the above transactions and event (12 marks) Question 2 (12 marks) Road Corporation acquired all of Conger Corporation's voting shares on January 1 2018, for $470,000. At that time Conger reported ordinary shares outstanding of $80,000 and retained earnings of $130,000. The book values of Conger's assets and liabilities approximated fair values, except for land, which had a book value of $80,000 and a fair value of $100,000, and buildings, which had a book value of $220,000 and a fair value of $400,000. Land and buildings are the only noncurrent assets that Conger holds. Ignore taxes. Required: a) Compute the amount of goodwill at the date of acquisition. (6 Marks) b) Give the consolidation entry or entries required immediately following the acquisition to prepare a consolidated balance sheet. (6 marks) Show transcribed image test Expert