A new CEO was hired to revive the floundering Champion Chemical Corporation. The company had endured operating losses for several years, but confidence was emerging that better times were ahead. The board of directors and shareholders approved a quasi reorganization for the corporation. The reorganization included devaluing inventory for obsolescence by $106 million and increasing land by $5 million. Immediately prior to the restatement, at December 31, 2018, Champion Chemical Corporations balance sheet appeared as follows (in condensed form):

CHAMPION CHEMICAL CORPORATION Balance Sheet At December 31, 2018 ($ in millions)
Cash	$	23
Receivables		42
Inventory		234
Land		44
Buildings and equipment (net)		94
	$	437
Liabilities	$	252
Common stock (336 million shares at $1 par)		336
Paid-in capitalexcess of par		69
Retained earnings (deficit)		(220	)
	$	437

Prepare the journal entries appropriate to record the quasi reorganization on January 1, 2019. Record revaluation of inventory. Record revaluation of land. Record the entry to eliminate a portion of deficit against available additional paid in capital.Record the entry to eliminate the remainder of the deficit against common stock. Prepare a balance sheet as it would appear immediately after the restatement.