103 104 On Jan 1, 2017.P Company purchased stock in s Company 105 for 450,000 cash, at a time when selected balances for Company were 106 107 108 Buildings & Equipment 235 DOO 109 Accumulated depreciation 35 000 110 Total Assets 850 DOO 111 Common Stock 400.000 112 RE 100.000 113 114 On the day of acquisition, the Fair Market Value of Sequalled the Book Value 115 116 During 2017, S Company reported the following: 117 Net Income 43,000 118 Dividends paid 17.000 119 120 REQUIRED: 121 122 1 - Provide the journal entries P would make during 2017 to account for its stock, including the initial 123 124 125 126 127 128 129 130 PART B 131 2 - Provide the eliminating entries in journal entry from that P would make on Dec 31, 2017 132 to consolidate its financial statements 133 134 35