ABC Company purchases 100% of XYZ Company for P600,000. The book value and fair value of identifiable assets and liabilities of XYZ Company on the date of acquisition are presented below: Cash and Receivables Inventory Plant Assets (net) Current Liabilities Long-term Debt Ordinary share capital Retained Earnings Book Value 25,000 125,000 300,000 (60,000) (120,000) (15,000) (255,000) Fair Value 25,000 180,000 475,000 (60,000) (120,000) What is the amount of the worksheet elimination to plant assets on the acquisition date? 175,000 credit 300,000 credit 175,000 debit O 475,000 debit