Give all elimination entries needed to prepare a full set of consolidated financial statements at December 31, 20X3 for Pack and Beck Pack Corporation acquired 70 percent of Beck Company?s voting common shares on January 1, 20X2, for $108,500. At that date, the noncontrolling interest had a fair value of $46,500 and Bock reported $70,000 of common stock outstanding and retained earnings of $30,000. The differential is assigned to buildings and equipment, which had a fair value of $20,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $35,000 higher than book value and a remaining life of five years at the date of business combination. Trial balances for the companies as of December 31, 20X2, are as follows:

Pack Corporation acquired 70 percent of Beck Company's voting common shares on January 1, 20X2, for $108,500. At that date, the noncontrolling interest had a fair value of $46,500 and Bock reported $70,000 of common stock outstanding and retained earnings of $30,000. The differential is assigned to buildings and equipment, which had a fair value of $20,000 higher than book value and a remaining 10-year life, and to patents, which had a fair value $35,000 higher than book value and a remaining life of five years at the date of business combination. Trial balances for the companies as of December 31, 20X2, are as follows: Pack Corporation Item Debit Credit Beck Company Debit Cash and Accounts Receivable Inventory Land Buildings and Equipment 15,400 21,600 165,000 80,000 340,000 35,000 40,000 260,000 Investment in Beck Company Stock Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Bond Premium Common Stock Retained Earnings Sales Other Income Income from Subdidiary Credit 109,600 186,00 79,800 20,000 15,000 16,000 30,000 5,200 15,000 140,000 80,000 92,400 35,000 200,000 100,000 1,600 70,000 60,000 120,000 127,900 260,000 13,600 8,100 962,000 962,000 125,000 471,600 471,600 On December 31, 20X2, Beck purchased inventory for $22,000 and sold it to Pack for $33,000. Pack resold $27,500 of the inventory (i.e., $27,500 of the $33,000 acquired from Beck) during 20X3 and had the remaining balance in inventory at December 31, 20X3. During20X3, Beck sold inventory purchased for $60,000 to Pack for $90,000, and Pine resold all but $24,000 of its purchase. On March 10, 20X3. Pack sold inventory purchased for $15,000 to Beck for $30,000. Beck sold all but $7,600 of the inventory prior to December 31, 20X3. Assume Pack uses the fully adjusted equity method, that both companies use straight line depreciation and that no property, plant and equipment has been purchased since the acquisition. 1. Give all elimination entries needed to prepare a full set of consolidated financial statements at December 31, 20X3 for Pack and Beck