Road Corporation acquired all of Conger Corporation's voting shares on January 1, 20X2, for $474,000. At that time Conger reported common stock outstanding of $88,000 and retained earnings of $133,000. The book values of Conger's assets and liabilities approximated fair values, except for land, which had a book value of $88,000 and a fair value of $108,000, and buildings, which had a book value of $222,000 and a fair value of $409,000. Land and buildings are the only noncurrent assets that Conger holds.

a. Compute the amount of goodwill at the date of acquisition. Goodwill________

b. The consolidating entry or entries is/are required immediately following the acquisitionfor aconsolidated balance sheet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Event 1. Record the basic consolidation entry.

Event 2. Record the excess value (differential) reclassification entry.