This question mainly relates to accounting as of the date of acquisition.

Gamma buys 100% of Beta on January 1, Year 1, for $50 million in cash. At that date, Beta's books show $10 million in common stock, and $33 million in retained earnings. All of its assets and liabilities have book values equal to fair values, except for land that has $3 million book value but fair value of $6 million. Beta is not dissolved. Give the consolidation entry or entries that would be needed as of the date of consolidation. (5 points)