Question

On December 31, 200X P Corporation paid $300,000 cash for 80% of the
common stock of S Company which becomes a subsidiary. Following
information is shown prior to the acquisition being recorded:
P Company
Assets			Liabilities and Equity
Cash	580,000		Liabilities	90,000
Inventories	60,000
Plant	340,000		Common Stock, $5pv	100,000
			Paid in Capital	200,000
			Retained Earnings	590,000
Total	980,000		Total	980,000
S Company
Assets			Liabilities and Equity
Inventories	20,000		Liabilities	30,000
Other assets	40,000		Long Term Debt	50,000
Plant	140,000		Common Stock, $10pv	40,000
			Paid in Capital	20,000
			Retained Earnings	60,000
Total	200,000		Total	200,000
S market values are:
	Plant		$250,000
	Inventory		$50,000

Please help me with the following sections. I think I know everything else.

1.

Goodwill Allocation to Controlling and Noncontrolling Interest
	Total	Controlling	Noncontrolling
Fair value at acquisition date
Relative fair value of S Company net
assets (80% and 20%)
Goodwill	115,000

2.

Consolidation Entry S:
Common Stock
Paid in Capital
Retained Earnings (Beginning)
Investment in S Company
Noncontrolling interest
Eliminate subsidiary equity

3.

Consolidation Entry A:
Plant
Inventory
Goodwill
Investment in S Company
Noncontrolling interest
Allocate subsidiary acquisition date
fair value adjustments

4.

Liabilities & Equity	P Corp.	S Company	Debit	Credit	Consolidated
Current Liabilities	90,000	30,000			120,000
Long Term Debt	0	50,000			50,000
Noncontrolling Interest
					75,000
Common Stock $5 par	40,000
Common Stock $10 par	260,000
Paid In Capital	200,000
Retained Earnings	590,000
Total Liabilities & Equity

Answer 1