Plumber Corporation acquired all of Socket Corporation's voting shares on January 1, 20X2, for $470,000. At that time, Socket reported common stock outstanding of $80,000 and retained earnings of $130,000. The book values of Socket's assets and liabilities approximated fair values, except for land, which had a book value of $80,000 and a fair value of $100,000, and buildings, which had a book value of $220,000 and a fair value of $400,000. Land and buildings are the only noncurrent assets that Socket holds. Required: a. Compute the amount of goodwill at the date of acquisition Goodwill
b. Prepare the consolidating entry or entries required immediately following the acquisition to prepare a consolidated balance sheet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Plumber Corporation acquired all of Socket Corporation's voting shares on January 1, 20X2, for $470,...
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