Workpaper Elimination Entries: Three Cases Prepare in general journal form the workpaper entries to eliminate Prancer Company’s investment in Saltez Company and to allocate any difference between cost and book value in the preparation of a consolidated balance sheet at the date of acquisition for each of the following independent cases: LO7 Saltez Company Equity Balances Percent of Other Stock Investment Common Contributed Retained Case Owned Cost Stock Capital Earnings

a. 100% $351,000 $160,000 $92,000 $43,000

b. 90 232,000 190,000 75,000 (29,000)

c. 80 159,000 180,000 40,000 (4,000)

Any difference between cost and book value of net assets acquired relates to subsidiary property plant and equipment.