The following are preliminary financial statements for Black Co. and Blue Co. for the year ending December 31, 2013 prior to Black's acquisition of Blue. Sales Expenses Net income Retained earnings, January 1, 2013 Net income (from above) Dividends paid Retained earnings, December 31, 2013 Current assets Land Building (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings, December 31,2013 Total liabilities and stockholders' equity Black Co. Blue Co. $360,000 $228,000 (240,000) (132,000) $120,000 $ 96,000 $480,000 120,000 (36,000) $564,000 $252,000 96,000 -0- $348,000 $360,000 $120,000 120,000 108,000 480,000 336,000 $960,000 $564,000 $108,000 192,000 96,000 564,000 $960,000 $132,000 72,000 12,000 348,000 564,000 On December 31, 2013 (subsequent to the preceding statements), Black exchanged 10,000 shares of its $10 par value common stock for all of the outstanding shares of Blue. Black's stock on that date has a fair value of $60 per share. Black was willing to issue 10,000 shares of stock because Blue's land was appraised at $204,000. Black also paid $14,000 to several attorneys and accountants who assisted in creating this combination. Required: Assuming that these two companies retained their separate legal identities, prepare consolidation entries as of December 31, 2013 after the acquisition transaction is completed and prepare the consolidated financial statements.