5: Assume that on January 1, 2015, P Company acquired all the outstanding stock (10,000 shares) of S Company for cash of $160,000. What journal entry would P Company make to record the shares of S Company acquired? Balance Sheet P Company S Compan Cash $40,000 $40,000 100,000 80,000 40,000 280,000 Other current assets Plant and equipment Land 240,000 80,000 Investment in S 160,000 Total assets 800,000 260,000 Liabilities $120,000 $ 100,000 100,000 20,000 40,000 Total Liab. and Equity . $ 800.000 260,000 Common stock 400,000 80,000 Other contributed capital Retained earnings 200,000 The workpaper entry to eliminate S Company's stockholders' equity against the investment account is