Road Corporation acquired all of Conger Corporation's voting shares on January 1, 20X2, for $478,000. At that time Conger reported common stock outstanding of $94,000 and retained earnings of $135,000. The book values of Conger's assets and liabilities approximated fair values, except for land, which had a book value of $94,000 and a fair value of $114,000, and buildings, which had a book value of $239,000 and a fair value of $404,000. Land and buildings are the only noncurrent assets that Conger holds.
Required:
a. Compute the amount of goodwill at the date of acquisition.
b. Prepare the consolidating entry or entries required immediately following the acquisition to prepare a consolidated balance sheet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)