On January 1,2013,Hilary Corporation acquired 100 percent of the common stock of Gooden Corporation for $3,250,000.At the date of acquisition,Gooden Corporation reported total assets of $4,200,000,liabilities of $1,200,000,common stock of $2,200,000,and retained earnings of $800,000 on its balance sheet.An appraisal on the acquisition date showed that the fair value of Gooden's net identifiable assets was equal to their book value.Prepare the eliminating entry in journal form that would appear on the work sheet for consolidating the balance sheets of the two companies as of the acquisition date.(Omit explanations.)

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The Answer of On January 1,2013,Hilary Corporation acquired 100 percent of the common stock of Gooden Corporation for $3,250,000.At the date of acquisition,Gooden Corporation reported total assets of $4,200,000,liabilities of $1,200,000,common stock of $2,200,000,and retained earnings of $800,000 on its balance sheet.An appraisal on the acquisition date showed that the fair value of Gooden's net identifiable assets was equal to their book value.Prepare the eliminating entry in journal form that would appear on the work sheet for consolidating the balance sheets of the two companies as of the acquisition date.(Omit explanations.)

On January 1,2013,Hilary Corporation Acquired 100 Percent of the Common