Based on the information below -prepare the elimination entries necessary to complete consolidated financial statements

On December 31, 2011, Pur urchased 80% of the outstanding common stock of e Cor Sand Company for: S 20,000,000 Sand Company's balance sheet at the time of acquisition is provided below Fair value Difference Balance Sheet By us Ev 12/31/2011 12131/2011 Cash S 250,000 250,000 S 1500,000 S 1,500,000 Account Receivable 7,000,000 S 4,000,000 S 3,000,000) Inventory S14,000,000 S 14,000,000 Plant and Equipment Building HQ 2,000,000 2,000,000 Land s 250,000 2250,000 2,000,000 25,000,000 $24,000,000 1,000,000) Total Assets Liabilities 4,500,000 S 4,500,000 Mortgage 6,500,000 S 6,500,000 S 3,500,000 3,000,000 Long-term debt 500,000 Total Liabilities 14,500,000 $14,000,000 500,000 S 150,000 Common Stock, $1 par value APIC 3,400,000 RE S 8,100,000 Sub Total 11,650,000 Treasury Shares (3000 shares) S 1.150.000 Total Equity S 10,500,000 S 25,000,000 Toal Liabilities and Equity Based on the above data, prepare the e mination entries necessary to complete the consolidated financial statement workpaper. Instructor Hint: Prepare the CAD first. The CAD has been partially completed below 80% 20% 100% Percentage Puchased 20,000,000 5,000,000 25,000,000 Fair Value Given Up Book Value Received s 8400,000 S 2.100,000 10,500,000 Difference S 11,600,000 2,900,000 14,500,000