Keen Inc and Lax Inc had the following balance sheets on October 31, 2019 34 Keen Inc Lax Inc (carrying value) (carrying value) $300,000 $ 80,000 $ 60,000 $ 24,000 $ 30,000 $ 54,000 $310.000 $280,000 $ 12,000 $700,000 $450,000 $150,000 $200,000 $400,000 $120.000 $100,000 $ 60.000 $ 50,000 $ 70,000 $700,000 $450,000 Lax Inc (fair value) $ 80,000 $ 24,000 $ 50,000 $300,000 $ 16,000 Cash Accounts Receivable Inventory Plant and Equipment (net) Trademark Total Assets Accounts Payable Bonds Payable Common Shares Retained Earnings Total Liabilities and Equity $200,000 $100,000 Assuming that Keen Purchases 80% of Lax for a cash consideration of $240,000 on November 1, 2019, prepare (under the Fair Value Enterprise Method): Assuming that keen Purchases 80% of Lax for a cash consideration of $240,000 on November 1, 2019, prepare (under the Fair Value Enterprise Method): a) the journal entry that keen Inc. would make to record the acquisition: b) the elimination entry necessary to produce consolidated balance sheet on the acquisition date