3) On January 1, 2015, Red Company purchased 90% of the common stock of Moon Company by issuing 10,000 shares of its (Red) OMR. 10 par value common stock with a market price of OMR15 per share. Red incurred cash expenses of OMR 8,000 for registering and issuing the common stock. The stockholders' equity sections of the two companies' balance sheets on December 31, 2014, were: Moon Red Common Stock, $10 par value 350,000 240,000 Preference Share capital 150,000 170,000 Other Contributed Capital 590,000 80,000 Retained Earnings 380,000 130,000 Required: A. Prepare the journal entry(s) on the books of Red Company to record the purchase of the common stock of Moon Company and related expenses. B. Prepare the elimination entry(s) required for the preparation of a consolidated balance sheet work paper on the date of acquisition