Road Corporation acquired all of Conger Corporation's voting shares on January 1, 20X2, for $480,000. At that time Conger reported common stock outstanding of $81,000 and retained earnings of $147,000. The book values of Conger's assets and liabilities approximated fair values, except for land, which had a book value of $81,000 and a fair value of $101,000, and buildings, which had a book value of $239,000 and a fair value of $412,000. Land and buildings are the only noncurrent assets that Conger holds

Compute the amount of goodwill at the date of acquisition

Record the basic consolidation entry.

Record the excess value (differential) reclassification entry.