On January 1, 2017, Pen Corporation acquired 75% of the outstanding common stock of Sen Company for $450,000. Sens stockholders equity on January 1, 2017, was as follows:

Common stock, $20 par	$200,000
Additional paid-in-capital	100,000
Retained earnings	100,000

Differences between book value and fair value of the identifiable net assets of Sen Company on January 1, 2010, were limited to the following:

	Book Value	Fair Value
Inventories	$40,000	45,000
Buildings (net)	180,000	200,000
(remaining life 10 years)

Both Pen and Sen used the straight-line method for depreciation. Goodwill was unimpaired as of December 31, 2017and 2018.

For the two fiscal years ended December 31, Sen had net income and dividends (declared and paid on December 28 each year) as follows:

	Net Income	Dividends
2017	$80,000	$50,000
2018	120,000	70,000

(i) Prepare journal entries for Pen to record under the equity method of accounting the dividends and operating results of Sen in 2017 (ii) Prepare the consolidation eliminating entries (C), (E), (R), (O) and (N) at December 31, 2017