Glitter Enterprises purchased 60 percent of the stock of Lowtide Builders Inc. on December 31, 20X4. Balance sheet data for Glitter and Lowtide on January 1, 20X5, are as follows:

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a. Give all eliminating entries needed to prepare a consolidated balance sheet on January 1, 20X5.

b. Complete a consolidated balance sheet workpaper.

c. Prepare a consolidated balance sheet in good form.

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Cash and Receivables Inventory Buildings and Equipment (net) Investment in Lowtide Stock Total Assets Current Liabilities Glitter Enterprises $ 80.000 150.000 Lowtide Builders $ 30,000 350,000 80,000 430.000 90.000 $750,000 $460,000 $100,000 $110.000 400,000 200,000 Common Stock 200.000 140.000 Retained Earnings 50.000 10.000 Total Liabilities and Stockholders' Equity $750,000 $460,000 Long-Term Debt