The condensed balance sheets of the Ely Company and the Sims Company at December 31 are as follows:

The receivables of the Ely Company and the liabilities of the Sims Company contain an advance from the Ely Company to the Sims Company of \(\$ 5,500\).
The Ely Company acquired 85 percent of the capital stock of the Sims Company on the market at January 2 of this year for \(\$ 80,000\). At that date, the balance in the Retained Earnings account of the Sims Company was \(\$ 30,000\). Amortize goodwill, if any, over 40 years.
Prepare journal entries for the adjustments and eliminations on the December 31 consolidated work sheet to:
a Adjust the Investment in the Sims Company account.
b Eliminate the Investment in the Sims Company account.
c Amortize goodwill.
d Eliminate intercompany obligations.
e Determine the minority interest.
f Prepare a work sheet for the consolidated balance sheet.

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ASSETS Cash... Receivables Investment in Sims Company Stock (cost) Other Assets LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities. Capital Stock Retained Earnings Sims Ely Company Company $ 60,000 $ 5,000 120,000 80,000 15,000 540,000 100,000 $800,000 $120,000 $250,000 $ 30,000 400,000 50,000 150,000 40,000 $800,000 $120,000