Check my work check my work button is not enabled item 17 item 17 2 points power corporation acquired 100 percent ownership of scrub company on february 12, 20x9. at the date of acquisition, scrub company reported assets and liabilities with book values of $420,000 and $165,000, respectively, common stock outstanding of $80,000, and retained earnings of $175,000. the book values and fair values of scrub’s assets and liabilities were identical except for land, which had increased in value by $20,000, and inventories, which had decreased by $7,000. required: a. prepare the following consolidating entries required to prepare a consolidated balance sheet immediately after the business combination assuming power acquired its ownership of sc