On January 1, 2016, Irbid Corporation acquired 90% of Jerash Company's voting stock, at underlying book value. At that date, the fair value of Jerash's net asset was equal to book value. Irbid uses the equity method in accounting for its ownership of Jerash. On December 31, 2016, the trial balances of the two companies are as follows: Jerash Comp. Irbid Corp. Current assets Fixed assets Investment in Jerash co. Depreciation expense Debit $225,500 Credit Debit Credit $145,000 300,000 225,000 144,000 30,000 25,000 Other expense 180,000 85,000 Dividend 40,000 10,000 Accumulated depreciation $150,000 $100,000 Current liabilities 45,000 20,000 Long-term debt 75,000 90,000 Capital stock 100,000 75,000 Retained earnings 282,500 80,000 sales 253,500 125,000 Income from subsidiary Total $919,500 13,500 $919,500 $490,000 $490,000 Required: 1. Provide all eliminating entries needed for consolidation as of December 31, 2016. 2. Prepare a consolidation workpaper for Irbid and Jerash co. as of December 31, 2016