General Corporation purchased 80 percent of the voting common stock of Strap Company on January 1, \(20 \mathrm{X} 4\), for \(\$ 138,000\). The balance sheet of Strap at the date of acquisition contained the following balances:

At the date of acquisition, the reported book values of Strap Company's assets and liabilities approximated fair value.
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Give the eliminating entry or entries needed to prepare a consolidated balance sheet immediately following the business combination.

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Strap Company Balance Sheet January 1, 20X4 Cash $ 20.000 Accounts Payable $ 35,000 Accounts Receivable 35.000 Notes Payable 180.000 Land 90,000 Common Stock 100,000 Building and Equipment 300,000 Additional Paid-In Capital 75,000 Less: Accumulated Depreciation (85.000) Retained Earnings (30.000) Total Assets $360.000 Total Liabilities and Stockholders' Equity $360.000