On June 10, 20X8, Game Corporation acquired 60 percent of Amber Company’s common stock. The fair value of the noncontrolling interest was $25,600 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows:Game Corp.Amber Company ItemBook ValueBook Value Fair Value Cash$35,800 $6,000 $6,000 Accounts Receivable47,000 11,000 11,000 Inventory 92,000 21,000 26,000 Buildings & Equipment (net)135,000 57,000 77,000 Investment in Amber Stock 38,400 Total$348,200 $95,000 $120,000 Accounts Payable$24,000 $3,000 3,000 Bonds Payable228,200 53,000 53,000 Common Stock38,000 11,000 Retained Earnings58,000 28,000 Total$348,200 $95,000 $56,000 Required:a. Record the consolidation entries required to prepare a consolidated balance sheet immediately after the purchase of Amber Company shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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