I cant figure out the debit and credit entry for the I entry Fred, .docx - I can't figure out the debit and credit entry for the I entry Fred Inc and

I cant figure out the debit and credit entry for the I entry Fred, .docx

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I can't figure out the debit and credit entry for the I entry Fred, Inc., and Herman Corporation formed a business combination on January 1, 2016, when Fred acquired a 60 percent interest in Herman's common stock for $312,000 in cash. The book value of Herman's assets and liabilities on that day totaled $300,000 and the fair value of the noncontrolling interest was $208,000. Patents being held by Herman (with a 12-year remaining life) were undervalued by $90,000 within the company's financial records and a customer list (10-year life) worth $130,000 was also recognized as part of the acquisition-date fair value Intra- entity inventory transfers occur regularly between the two companies. Merchandise carried over from one year to the next is always sold in the subsequent period. Year 2016 2017 2018 Original Cost to Herman $ 80,000 100,000 90,000 Transfer Price to Fred $ 100,000 125,000 120,000 Ending Balance at Transfer Price $ 20,000 40,000 30,000 Fred had not paid for half of the 2018 inventory transfers by year-end.
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