C. On December 31, 20X ,Priority Company purchased 80% of the common stock of Subsidiary Company stock $100,000; for $1,550,000. On this date, Subsidiary had total owners' equity of $650,000 (common other paid-in capital, $200,000; and retained carnings, $350,000). Any excess ot due to the under or overvaluation of certain assets and liabilities. Assets and liabilities w book and fair values are provided in the following table: ith differences in Book Value Fair Value $500,000 $800,000 150,000 Current Assets Accounts Receivable 200,000 00,000 800,000 100,000 700,000 800,000 850,000 Inventory 600,000 900,000 875,000 930,000 Land Buildings (net) Current Liabilities Long-Term Debt Remaining excess, if any, is due to goodwill. Required: a. Using the information above journalize the investment of Priority in the Subsidiary Company on December 31, 20X1. Prepare the Elimination entries for consolidated balance sheet as of December 31, 20X1. b