Exercise 3-10A Patel Company issued 90,210 shares of $1 par value common stock (market value of $6/share) for 95% of the common stock of Seely Company on January 1, 2014. Seely Company had the following assets, liabilities, and owners equity at that time: Book Value/Tax Basis Fair Value Difference Cash $19,590 $19,590 $0 Accounts receivable 113,870 113,870 0 Inventory (LIFO) 83,680 134,000 50,320 Land 27,080 49,850 22,770 Plant assets (net) 356,160 426,080 69,920 Total assets $600,380 $743,390 $143,010 Allowance for uncollectible accounts $10,920 $10,920 $0 Accounts payable 53,070 53,070 0 Bonds payable 211,300 193,110 18,190 Common stock, $1 par value 77,580 Other contributed capital 135,980 Retained earnings 111,530 Total equities $600,380 Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Prepare the stock acquisition entry on the books of Patel Company, taking into account tax effects. Assume an income tax rate of 40%. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Entry field with incorrect answer Plant Assets Entry field with incorrect answer 426080 Entry field with correct answer Entry field with correct answer Common Stock Entry field with correct answer Entry field with correct answer 90210 Entry field with correct answer Additional Paid-in Capital Entry field with correct answer Entry field with correct answer 451050 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT Attempts: 5 of 5 used Collapse question part (b) Partially correct answer. Your answer is partially correct. Try again. Prepare eliminating entries for the preparation of a consolidated balance sheet workpaper on January 1, 2014. (Round answers to 0 decimal places, e.g. 125. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with incorrect answer (eliminating entry for accounts with credit balances) Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (eliminating entry for accounts with debit balances) Click if you would like to Show Work for this question: Open Show Work Attempts: 1 of 5 used SAVE FOR LATER SUBMIT ANSWER.