5. Plastic Products Corporation created a branch to market its plastic window signs for automobiles. The balance sheets of the home office and branch contained the following amounts on December 31, 1976: Home Office $ 70,000 110,000 200,000 50.000 500,000 (240,000) 305.000 $995.000 $ 53,000 300,000 Tiem Cash Accounts Receivable Inventory Inventory From Home Office Land Buildings and Equipment Less: Accumulated Depreciation Investment in Branch Total Assets Accounts Payable Bonds Payable Notes Payable Common Stock Retained Earnings Home Office Unrealized Intracompany Profit Total Liabilities and Equities Branch $ 20,000 60,000 68,000 32,000 70,000 300,000 (120,000) S430,000 $ 25,000 100,000 200,000 430.000 305.000 12.000 $995.000 $430,000 During the year, Plastic Products Corporation shipped $50,000 of inventory to the branch and billed it $80,000. The branch resold 60 percent of the inventory before the end of the period. Required: A. Give the eliminating entries needed to prepare a balance sheet for Plastic Products Corporation as of December 31, 1976. B. Prepare a December 31, 1926, balance sheet for Plastic Products Corporation