On December 31, 2020, Mother Company purchased 70% of Daughter Company's stock for $890,000 cash. At this date, the book value of Daughter Company's assets included equipment that had a book value of $190,000 and a market value of $220,000. Daughter Company's equity consisted of $100,000 common stock, $200,000 additional paid in capital, and $800,000 retained earnings.

a) Provide the entry to record the purchase on Mother Company's books:

b) Provide the consolidation elimination entry that would be required to consolidate the statements at

December 31, 2020: