Glitter Enterprises acquired 60 percent of Lowtide Builders' stock on December 31, 20X4. Glitter acquired its shares for $90,000, the book value of the shares acquired. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of Lowtide. Balance sheet data for Glitter and Lowtide on January 1, 20X5, are as follows:

Required
a. Give all eliminating entries needed to prepare a consolidated balance sheet on January 1, 20X5.
b. Complete a consolidated balance sheet worksheet.
c. Prepare a consolidated balance sheet in good form.

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Lowtide Glitter Enterprises Builders $ 80,000 150,000 430,000 90,000 $750,000 $ 30,000 350,000 80,000 Cash and Receivables Inventory Buildings and Equipment (net) Investment in Lowtide Stock Total Assets $460,000 $100,000 400,000 200,000 50,000 $750,000 $110,000 200,000 140,000 10,000 $460,000 Current Liabilities Long-Term Debt Common Stock Retained Earnings Total Liabilities and Stockholders' Equity