2 On December 31, 20x8, Defoe Corporation acquired 90 percent of Crusoe Company's common stock for $117.000 cash. The far value of the Roscotrolling interest at that date was determined to be $13,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition . Excess Value (Differential) Calculations and Excent Value Redacation Entry Elimination Entries for latercompany Account Cash Account Recchube Inventory Land Buildings and Equipment Less Acumulated Depreciation Investment in Cruce Company Stock Total Aucts Accounts Payable Mortpap Payable Common Stock Retaked Faming Total Libilities and Stockholders' Equity Defoe Chade Corporation Company 390,000 $20.000 80,000 35.000 100,000 40.000 40,000 60,000 300,000 100,000 (100 000 (40,000) 117,000 $614,000 S215.000 $120,000 $30,000 200.000 100,000 50,000 25.000 244.000 60,000 $614.000 $215,000 d. Accumulated Depreciation Election Entries On that date, the book values of Cre's assets and liabilities approximated for value except for Eventory, which had a fair value of $50,000, and buildings and equipment, which had a fair value of $95.000 At December 31, 20X8, Defoe reported accounts payable of $25,000 to Crusoe, which reported an equal amount in its accounts recewable Required: Provide the eliminating entries needed to prepare a consolidated balance sheet immediately following the business combination. 1 Book Value Calculation und Basic Consolidanon Etre 1