KS On January 1, 2020, Red Company purchased 80% of the common stock of Al-Yasa Company by issuing 10,000 shares of its (Al-Maha) OMR15 par value common stock with a market price of OMR25 per share. Al-Naba incurred cash expenses of OMR 8,000 for registering and issuing the common stock. The stockholders' equity sections of the two companies' balance sheets on December 31, 2019, were: Al-Yasa Al- Maha Common Stock, OMR15 par value OMR 350,000 OMR240,000 Other Contributed Capital 590,000 80,000 Retained Earnings 380,000 130,000 Required: A. Prepare the journal entry(s) on the books of Al-Maha Company to record the purchase of the common stock of Moon Company and related expenses. B. Prepare the elimination entry(s) required for the preparation of a consolidated balance sheet work paper on the date of acquisition.