On December 31, 20x8, Defoe Corporation acquired 90 percent of Crusoe Company's common stock for $117,000 cash. The fair value of the noncontrolling interest at that date was determined to be $13,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: On that date, the book values of Crusoe's assets and liabilities approximated fair value except for inventory, which had a fair value of $50,000, and buildings and equipment, which had a fair value of $95,000. At December 31, 20X8, Defoe reported accounts payable of $25,000 to Crusoe, which reported an equal amount accounts receivable. Required: Provide the eliminating entries needed to prepare a consolidated balance sheet immediately following the business combination. Book Value Calculations and Basic Elimination Entries