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 $ 5,000 $ 5,000 17,000 17,000 25,000 30,000 52,000 72,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Series Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total $ 15,000 37,000 91,000 139,000 120,000 $402,000 $ 24,000 146,000 37,000 195,000 $402,000 $ 124,000 $ 3,000 21,000 $99,000 $ 3,000 21,000 18,000 57,000 $99,000 $ 24,000 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.) Consolidation Worksheet Entries A B Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit 1 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Accounts Debit Credit Entry 2 2 Record entry Clear entry view consolidation entries