Lea Company acquired all of Tenzing Corporation's stock on January 1, 20X6 for $150,000 cash. On December 31, 20X7, the balance sheets of the two companies showed the following amounts:

Tenzing Corporation reported retained earnings of $75,000 at the date of acquisition. Income of Tenzing Corp for 20X7= $30,000, Dividends paid by Tenzing corporation for20X7= $15,000. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of five years from the date of acquisition. Required: 1) Give the appropriate eliminating entry or entries needed to prepare a consolidated balance sheet as of December 31, 20X7. 2) Prepare a consolidated balance sheet worksheet as of December 31, 20X7

Lea Company acquired all of Tenzing Corporation's stock on January 1, 20X6 for $150,000 cash. On December 31, 20X7, the balance sheets of the two companies showed the following amounts:Tenzing Corporation reported retained earnings of $75,000 at the date of acquisition. Income of Tenzing Corp for 20X7= $30,000, Dividends paid by Tenzing corporation for20X7= $15,000. The difference between the acquisition price and underlying book value is assigned to buildings and equipment with a remaining economic life of five years from the date of acquisition. Required: 1) Give the appropriate eliminating entry or entries needed to prepare a consolidated balance sheet as of December 31, 20X7. 2) Prepare a consolidated balance sheet worksheet as of December 31, 20X7