eits Exercise: Consolidation Elimi Example 2 inating Journal Entries Gea ket pin was comple 0n that date the value , year 1, Gearty Corporation (parent) acquired 100 percent of O uny rty Corp. issued 100,000 shares of its $10 par common stock, with a n atioe15 on the date the acquisition was announced and $25 on the date the Corket price as completed, for all of Olinto Corp.'s common stock. e fair value of Olinto Corp.'s assets and liabilities equaled their respective with the exception of land, which had a fair value that exceeded its book f Olinto Corp:'s identifiable intangibles (in process R&D) is $100,000 Thein- The fals R&D will be amortized over a useful life of eight years. ear ending December 31, Year 1, Olinto reported net income of $350,000 and paid cash dividends of $150,000. The stockholders' equity section of each company's balance sheet as of December 31, ear 1, was: Gearty $5,000,000 1,000,000 Olinto $1,000,000 500,000 Common stock Additional paid-in capital Retained earnings 3,000,000 500,000 $9,000,000 $1900,000 Required: Prepare the acquisition date and year-end consolidation workpaper eliminating journal entries