The summarized balance sheet of Separate Company on January 1, 20X3, contained the following amounts:

On January 1, 20X3, Joint Corporation purchased 70 percent of the common shares and 60 percent of the preferred shares of Separate Company at underlying book value.
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Give the workpaper elimination entries needed to prepare a consolidated balance sheet immediately following the purchase of shares by Joint Corporation.

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Total Assets $350.000 Total Liabilities Preferred Stock $ 50,000 100,000 Common Stock 50,000 Retained Earnings 150,000 Total Assets $350.000 Total Liabilities and Equities $350,000