Jec Company has branches in John and Eric. Account balances for the company's home office and branches on Dec 31, 20xx are as follows: Item Home Office John Eric Cash 81,000 20,000 15,000 Accounts Receivable 100,000 40,000 25,000 Inventory 260,000 50,000 44,000 Inventory- From Home Office 70,000 56,000 Land 70,000 30,000 20,000 Buildings and Equipment 700,000 350,000 200,000 Less: Accumulated Depreciation 280,000 120,000 80,000 Investment in John 395,000 Investment in Eric 260,000 1,586,000 440,000 280,000 Accounts Payable Bonds Payable 110,000 45,000 20,000 400,000 Common Stock 300,000 Retained Earnings 700,000 Home Office 395,000 260,000 Unrealized Intracompany Profits: John 60,000 Eric 16,000 1,586,000 440,000 280,000 The home office sells inventory to the branches at a constant mark up. During 20xx, Jec Company transferred P 200,000 of inventory to John branch and billed the branch for P 280,000. Jec Company also transferred inventory costing P 60,000 to the Eric branch and billed the branch for P 84,000. In addition, Jec purchased equipment on Dec 31, 20xx for P 35,000 and immediately sold it to John branch for P 75,000. Prepare a worksheet to combine the records of these two operations so that a single set of financial statements can be prepared for Jec Company and complete the journal entries below. Required: a. Prepare working paper elimination entries. b. Prepare a worksheet to combine the records of the operations of the home office and its branches. c. Prepare a combined balance sheet for Jec Company.