EXAM dice 2/5/2021, day sunday, Time 9.00 AM to 11.0 Lom/mod/quiz/attempt.php?attempt 202278cmid-18458 estion 1 tot yet answered Marked out of 6.00 F Flag question On January 1, 2020, Red Company purchased 80% of the common stock of Al-Yasa Company by issuing 10,000 shares of its (Al-Maha) OMR15 par value common stock with a market price of OMR25 per share. Al-Naba incurred cash expenses of OMR 8,000 for registering and issuing the common stock. The stockholders' equity sections of the two companies' balance sheets on December 31, 2019, were Maha Al-Yasa Al- Finish attempt Common Stock, OMR15 par value OMR 350,000 OMR240,000 Other Contributed Capital 590,000 80,000 380,000 130,000 Retained Earnings Required: A. Prepare the journal entry(s) on the books of Al-Maha Company to record the purchase of the common stock of Moon Company and related expenses. B. Prepare the elimination entry(s) required for the preparation of a consolidated balance sheet work paper on the date of acquisition