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On January 1,2023, Rand Corp. paid $240 to acquire 100% of Spaulding. Spaulding's book value...

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Accounting

On January 1,2023, Rand Corp. paid $240 to acquire 100% of Spaulding. Spaulding's book value was only $140 at the time. Spaulding had an unrecorded Patent with a fair value of $55(five-year life) at the date of acquistion. Any consideration transferred over fair value of identified net assets acquired is assigned to goodwill.
Following are the individual financial records for these two companies for the year ended December 31,2024. NOTE: the parenthesis indicate subtraction NOT credit balances. Assume all accounts have normal balances.
Required:
Prepare the 2024 CONSOLIDATION ENTRIES for this business combination. (USE DR to indicate debits and CR to indicate credits).
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