2. On December 31, 20X8, Defoe Corporation acquired 90 percent of Crusoe Company's common stock for $117,000 cash. The fair value of the noncontrolling 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: Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Investment in Crusoe Company Stock Total Assets Accounts Payable Mortgage Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Defoe Crusoe Corporation Company $90,000 $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 $215,000 $120,000 $30,000 200,000 100,000 50,000 25,000 244.000 60,000 S614,000 $215,000 On that date, the book values of Crusoe's assets and liabilities approximated fair value except for inventory, which had a fair value of $50,000, and buildings and equipment, which had a fair value of $95,000. At December 31, 20X8. Defoc reported accounts payable of $25,000 to Crusoe, which reported an equal amount in its accounts receivable. Required: Provide the eliminating entries needed to prepare a consolidated balance sheet immediately following the business combination. a. Book Value Calculations and Basic Consolidation Entries b. Excess Value (Differential) Calculations and Excess Value Reclassification Entry. c. Elimination Entries for Intercompany Accounts d. Accumulated Depreciation Elimination Entries