Consolidation of Subsidiary with Negative Retained Earnings General Corporation acquired 80 percent of Strap Company's voting common stock on January 1, 20X4, for $138,000. At that date, the fair value of the noncontrolling interest was $34,500. Strap's balance sheet at the date of acquisition contained the following balances: 5 Consolidation of Less-than-Wholly-Owned Subsidiaries Acquired at More than Book Value STRAP COMPANY Balance Sheet January 1, 20X4 Cash Accounts Receivable Land Building & Equipment Less: Accumulated Depreciation Total Assets $ 20,000 35,000 90,000 300,000 (85,000) $360,000 Accounts Payable Notes Payable Common Stock Additional Paid-in Capital Retained Earnings Total Liabilities & Stockholders' Equity $ 35,000 180,000 100,000 75,000 (30,000) $360,000 At the date of acquisition, the reported book values of Strap's assets and liabilities approximated fair value. Required Give the elimination entry or entries needed to prepare a consolidated balance sheet immediately following the business combination