Groomer purchased a controlling interest in three companies during 2017. Financial information concerning the three companies follows:

All other assets and liabilities on the balance sheet are at FMV.
Groomer purchased 8,000, 600, and 1,500 shares of Company X, Company Y, and Company Z, respectively. The share prices and cash payments follow.

Company X         8,000 × $10.60 = $84,800
Company Y            600 ×    40.00 = 24,000
Company Z         1,500 ×    11.00 = 16,500

REQUIRED:
For each company, prepare the journal entry to record the acquisition by Groomer. Then, for each company, prepare a journal entry that could have been recorded to include the individual assets and liabilities on the books of Groomer.

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Company Z Company X Company Y $ 6,000 $ 4,000 $ 2,000 Cash 7,000 Accounts receivable 9,000 12,000 30,000 Inventory 18,000 12,000 Property, plant, and equipment 70,000 30,000 15,000 $118,000 $55,000 $42,000 Total assets $ 5,000 Accounts payable Notes payable $ 7,000 $12,000 20,000 25,000 18,000 Common stock 50,000 10,000 15,000 Retained earnings 4,000 36,000 13,000 Total liabilities and shareholders' equity $118,000 $55,000 $42,000 FMV: Inventory $ 45,000 $18,000 $18,000 Property, plant, and equipment 75,000 35,000 15,000 Shares of stock outstanding before acquisition 10,000 1,000 2,000