On January 1, 2XX1, Bargain Inc. acquired 100% of Wind Corporation for $9,750,000 cash. On that...

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On January 1, 2XX1, Bargain Inc. acquired 100% of Wind Corporation for $9,750,000 cash. On that date, Willey's total stockholders' equity was $7,250,000. The following assets had fair values different from book values. Book Value Fair Value Buildings and Land $13,500,000 $14,500,000 Other Assets Bonds Payable 625,000 7,500,000 250,000 6,250,000 Required Prepare the [E] and [A] consolidation entries on the date of the acquisition: [E] Debit Credit (to record the [E] consolidation entry) Debit Credit [A] (to record the [A] consolidation entry) On January 1, 2XX1, Bargain Inc. acquired 100% of Wind Corporation for $9,750,000 cash. On that date, Willey's total stockholders' equity was $7,250,000. The following assets had fair values different from book values. Book Value Fair Value Buildings and Land $13,500,000 $14,500,000 Other Assets Bonds Payable 625,000 7,500,000 250,000 6,250,000 Required Prepare the [E] and [A] consolidation entries on the date of the acquisition: [E] Debit Credit (to record the [E] consolidation entry) Debit Credit [A] (to record the [A] consolidation entry)