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b. Prepare the consolnua c. Prepare the consolidation eliminating entries (C.(L), entity purchases elican deter Pelican Mountain Resorts uses a financial e Consolidating a VIE at the Date of Acquisition to obtain secured debt. It sells customer timeshare agreements to the entity, who finances the with debt secured by future collections on the timeshare agreements. On J E5. 4 mines that the entity is a 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: 4000,000 Secured debt 500,000 Equity $4,250,000 250,000 Secured debt . . Receivables On January 1,2019, the VIE's other assets are undervalued by $65,000 and it has previously unrecorded identifiable intangible assets of $1,000,000. The fair value of the VIE is $1,500,000. Required Prepare the eliminating entries required to consolidate the VIE with Pelican on January 1,2019, assuming the VIE and Pelican are a. already under common control. b. not under common control. 5 Consolidating a VIE in a Subsequent Year (see related 5.4) Use the VIE information in ES.4. It is now December 31, 2019, the end of the accounting year. The revalued other assets consist of equip- ment havinga 5-year life straight-line. The identifiable intangibles are impaired by $100,000. The good- will is not impaired. The VIE reports net income of $125,000 for 2019 Required Prepare the eliminating entries required to consolidate the VIE with Pelican on December 31,2019, as- suming the VIE and Pelican are not under common control prior to Pelican's identification as the primary beneficiary