On January 1, 2018, Sweden Corporation bought 100% of the stock of Finland Corporation for $500,000 (with cash). "The Balance Sheets of the two companies immediately after Sweden acquired (January 1, 2018) Finland Corporation showed the following amounts: Sweden Finland Cash Accounts Receivable Inventory Land Buildings & Equipment Net Patents Investment in Finland S 90,000 $ 110,000 160,000 40,000 500,000 290,000 1,100,000 140,000 - Net1,000,000 420,000 100,000 500,000 0 Total Assets $3,450,000 $1,000,000 Accounts Payable Bonds Payable Common Stock Additional Paid in Capital Retained Earnings S 410,000 200,000 1,040,000 300,000 1,000,000 300,000 200,000 50,000 800,000 150,000 Total Liabilities and Stockholders' Equity $3,450,000 $1,000,000 At the date of acquisition, Sweden owed Finland $40,000. Also, on the date of acquisition the Book Value of Finland equaled its Fair Value. At the end of the first year of combination, Sweden expects a combined tax rate of 35%. Sweden expects Finland to have net income of S80.000 in 2018, The CEO of Sweden dislikes the CEO of Finland. The CEO of Finland thinks that Sweden's CEO is an idiot. Sweden uses the equity method for its investment in Finland. Required: 1. List all journal entries that Sweden made to record its investment in Finland on the date of acquisition 2. List all Elimination Entries that would need to be made in order to prepare a workpaper for the consolidated Balance Sheet of Sweden and Finland immediately after the combination (January 1, 2018). 3. Prepare a workpaper for the consolidated Balance Sheet of Sweden and Finland immediately after the combination (January 1, 2018). Show all necessary elimination entries in their proper columns. Use a coding system for each elimination entry, such as E, R or 1,2, 3, or a, b