Cameron Corporation purchased 70 percent of the common stock of Darla Corporation on December 31,20X4, for \(\$ 102,200\). Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:

At the date of the business combination, the book values of Darla Corporation's assets and liabilities approximated fair value except for inventory, which had a fair value of \(\$ 81,000\), and buildings and equipment, which had a fair value of \(\$ 185,000\). At December 31, 20X4, Cameron Corporation reported accounts payable of \(\$ 12,500\) to Darla Corporation and Darla Corporation reported an equal amount in its accounts receivable.
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a. Give the eliminating entry or entries needed to prepare a consolidated balance sheet immediately following the business combination.

b. Prepare a consolidated balance sheet workpaper.

c. Prepare a consolidated balance sheet in good form.

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Cash Item Cameron Corporation $ 50.300 Darla Corporation $ 21,000 Accounts Receivable Inventory 90.000 44.000 130.000 75,000 Land Buildings and Equipment 60.000 30.000 410.000 250.000 Less: Accumulated Depreciation Investment in Darla Corporation Stock (150,000) (80,000) 102,200 Total Assets $692.500 $340,000 Accounts Payable $152.500 $ 35.000 Mortgage Payable 250.000 180,000 Common Stock 80.000 40.000 Retained Earnings 210,000 85.000 Total Liabilities and Stockholders' Equity $692.500 $340.000