59% 11:43 JAWWAL I. Done 9ef7308e8067e..._UD - VIJI P Corporation acquired all the voting stock of S Company for $500,000 on January 1, 2019 when S had Capital Stock of $300,000 and Retained Earnings of $150,000. The book value of S assets and liabilities were equal to the fair value except for the plant assets. Its fair value less than its book value by $ 20,000, plant assets fully depreciated on a straight-line basis over a 10-year period. And inventory its fair value is More than book value by 30,000 and fully sold to third party during the year ,the financial statements for two companies for the year ended 2019 as follow :Required 1-Record the elimination entry in 31/12/2019 2-prepare the consolidation working papers for the year ended December 31,2019 Sales Income from S Cost of sales Other expenses Net income 500,000 400,000 ?? (350,000)|(200,000) (100,000)|(60,000) ?? 140,000 retained earnings 1/1 300,000 150,000 Net income ?? 140,000 Dividends 10 (70,000) Retained earnings 31/12 ?? 220,000 Balance sheet Inventory 10,000 25,000 Other current assets 200,000 300,000 Plant assets-net 200,000 425,000 Investment in S company?? Total assets ?? 750,000 Liabilities .&equity A/P 290,000 230,000 Capital stock 200,000 300,000 Retained earnings ?? 220,000 Total liabilities &equity ?? 750,000