Ex. 8-3 Pele Corporation acquired 70% of the outstanaing common stock of Shad Company on August 1, Year 2. During the year ended July 31. Year 3. Pele sold merchandise to Shad in the amount of $350,000; the merchandise was priced at 30% above Pele's cost. Shad had 40% of this merchandise in inventories on July 31. Year 3. Make the journal entries for the transactions for both Pele and Shad and the elimination entry for year end