Eliminating Entries, Goodwill: Parent Company acquires all of the stock of Subsidiary Inc. for $200 million in cash. At the date of acquisition, Subsidiary current assets had a book value of $25 million, its non-current assets had a book value of $85 million, and its liabilities had a book value of $95 million. It is determined that the book value of Subsidiary net assets approximates fair value at the date of acquisition. Subsidiary shareholders equity consists of capital stock of 6 million, retained earnings $9 million (credit balance.

Required (1) Prepare the eliminating (E) entries necessary to consolidate the balance of Parent and Subsidiary at the date of acquisition.

(2) Prepare the eliminating (R) entries necessary to consolidate the balance of Parent and Subsidiary at the date of acquisition.