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

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Accounting

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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: Playoff Corp. Series Company Book Value Fair Value $ 25,000 $ 25,000 23,000 23,000 37,000 42,000 68,000 88,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 35,000 43,000 85,000 138,000 174,000 $475,000 $ 23,000 136,000 45,000 271,000 $475,000 $153,000 $ 5,000 17,000 19,000 112,000 $153,000 $178,000 $ 5,000 17,000 $ 22,000 Required: a. Prepare the consolidating entries required to prepare a consolidated balance sheet immediately after the acquisition of Series Company shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Credit No A Entry 1 Accounts Common stock Retained earnings Investment in Series Company Debit 19,000 112,000 131,000 2 5,000 20,000 Inventory Buildings and equipment Goodwill Investment in Series Company OOO

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