On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance...

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On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Series Company Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Playoff Corporation 84,000 Series Company Book Value Fair Value $ 22,000 25,000 30,000 78,000 $ 155,000 $ 32,000 45,000 $ 22,000 121,000 25,000 25,000 58,000 153,000 $435,000 $ 130,000 $13,000 148,000 45,000 229,000 $ 3,000 24,000 10,000 $ 3,000 $ 24,000 $ 435,000 93,000 $130,000 $27,000 Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet A B Record the basic consolidation entry. Note: Enter debits before credits. Entry 1 Accounts Debit Credit Record entry Clear entry View general Journal > Journal entry worksheet > A B Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Entry 2 Accounts Debit Credit Record entry Clear entry View general journal On June 10, 20X8, Playoff Corporation acquired 100 percent of Series Company's common stock. Summarized balance sheet data for the two companies immediately after the stock acquisition are as follows: Item Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Series Company Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Playoff Corporation 84,000 Series Company Book Value Fair Value $ 22,000 25,000 30,000 78,000 $ 155,000 $ 32,000 45,000 $ 22,000 121,000 25,000 25,000 58,000 153,000 $435,000 $ 130,000 $13,000 148,000 45,000 229,000 $ 3,000 24,000 10,000 $ 3,000 $ 24,000 $ 435,000 93,000 $130,000 $27,000 Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet A B Record the basic consolidation entry. Note: Enter debits before credits. Entry 1 Accounts Debit Credit Record entry Clear entry View general Journal > Journal entry worksheet > A B Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Entry 2 Accounts Debit Credit Record entry Clear entry View general journal