fix the elimination entry Journal entry to record purchase of Sub Co. DR: Investment in Sub Co. $120,000 CR: Cash $120,000 The implied fair value of Sub Co. is the purchase price of $200,000 = $153,000+$47,000 Goodwill= purchase price-fair value $120,000 - ($153,000-47,000) = $14,000 Goodwill implicit in purchase is $14,000 The amount of non-controlling interest share is 5% of Sub Co's equity. ($108,000-$8,000) *5%= $5,000 Consolidated depreciation is. $265,000/10 + $47,000/10 = $31,200 Workpaper elimination entries for consolidation: 1. DR: Sub Common Stock DR: Retained Earnings DR: Additional Paid-in Capital Sub - $108,000 CR: Investment in Sub Co $120,000 CR: Non-controlling Interest $5,000 DR: Goodwill $14,000 DR: Adjustments to Fair Value Sub 47,000 DR: Identifiable Intangible assets