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The following are preliminary financial statements for Black Co. and Blue Co. for the year ending December 31, 20X1 prior to Black's acquisition of Blue. Black Co. Blue Co. Sales $360,000 $228,000 Expenses (240,000) (132,000) Net income $120,000 $ 96,000 Retained earnings, January 1, 20X1 $480,000 $252,000 Net income (from above) 120,000 96,000 Dividends paid (36.000) Retained earnings, December 31, 20X1 $564,000 $348,000 Current assets $360,000 $120,000 Land 120,000 108,000 Building (net) 480.000 336.000 Total assets $960,000 $564.000 Liabilities $108,000 $132,000 Common stock 192,000 72,000 Additional paid-in capital 96,000 12,000 Retained earnings, December 31,20X1 564.000 348.000 Total liabilities and stockholders equity $960,000 564.000 On December 31, 20X1 (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.Allocation of excess cost and goodwill allocation (2 points) Consideration transferred by Black Co. Book value of Blue Co. Excess of consideration transferred over book value Allocations: Land Excess cost not identified in related assets-Goodwill Black Co's entry to record acquisition ( 1 point) Dr. Professional fee expense Investment in Blue Co. Cr. Common Stock - Black Additional Paid-in-Capital-Black Cash Entry S (1 point) Entry A (1 point)