Clayton Corporation purchased 75 percent of the common stock and 40 percent of the preferred stock of Topple Company on January 1, 20X6, for \(\$ 270,000\) and \(\$ 80,000\), respectively. At the time of purchase, the balance sheet of Topple contained the following balances:

\section*{Required}
Give the eliminating entries needed to prepare a consolidated balance sheet immediately after the shares of Topple Company are purchased by Clayton.

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Preferred Stock ($10 par value) Common Stock ($5 par value) Retained Earnings Total Stockholders' Equity $200.000 150,000 210.000 $560,000