EXERCISE 3.1 Workpaper Elimination Entries: 3 Cases LO 8 Prepare in general journal form the workpaper entries to eliminate Prancer Company's investment in Saltez Company in the preparation of a consolidated balance sheet at the date of acquisition for each of the following independent cases: Saltez Company Equiry Balances Percent of Other Contributed Retained Stock Owned Capital Earnings 100% $351.000 $160,000 $92,000 $43,000 b. (29,000) 75,000 232,000 159.000 180,000 40,000 Any difference between book value of net assets and the value implied by the purchase price relates to subsidiary property plant and equipment except for case (c). In case (e) assume that all book values and fair values are the same. Investment Cost Common Stock Cash a. 190,000 90 80 (4,000) c