Consolidating a VIE at the Date of Acquisition

VIE and Pelican is its primary beneficiary. Pelican has no equity interest in the VIE. The VIE's balance sheet on that date is as follows:

Required

Prepare the eliminating entries required to consolidate the VIE with Pelican on January $1,2022,$ assuming the VIE and Pelican are

a$.$ already under common control.

A journal entry may not be required for either or both $($E$)$ and $($R$).$ If this applies, select $"$No entry" as the journal descriptions.

b$.$ not under common control.

A journal entry may not be required for either or both $($E$)$ and $($R$).$ If this applies, select $"$No entry" as the journal descriptions.