8-4 Parent Company and Workpaper Entries - New Shares Issued by Subsidiary Use the same data provided in Exercise 8-3, with the exception that Pace Company purchased the additional shares from Sime Company on January 1, 2011, at a price of $1.30 per share rather than $1.50. Required: A. Prepare the journal entry on Pace Company's books to record the purchase of the additional shares on January 1, 2011. B. Prepare the eliminating entries needed for the preparation of a consolidation statements workpaper on December 31, 2011