On January 1, 2016, Phoenix Company acquired 80% of the outstanding capital stock of Skyler Company for $570,000. On that date, the capital stock of Skyler Company was $150,000 and its retained earnings were $450,000. On the date of acquisition, the assets of Skyler Company had the following values: Fair Market Book Value Value $ 90,000 $165,000 150,000 180,000 Inventories Plant and equipment All other assets and liabilities had book values approximately equal to their respective for market values. The plant and equipment had a remaining useful life of 10 years from January 1, 2016, and Skyler Company uses the FIFO inventory cost flow assumption Skyler Company earned $180,000 in 2016 and paid dividends in that year of $90.000 Phoenix Company uses the complete equity method to accourk tor its investment in Company, Required: Prepare the balance sheet elimination entries as of December 31, 2016