On January 1, 2020. Palau Corporation bought 80% of the stock of Samoa Corporation for $700,000. The Balance Sheets of the two companies immediately after the acquisition (January 1, 2020) of Samoa Corp. showed the following amounts: Palau Samoa Cash $ 140,000 $100,000 Accounts Receivable 110,000 30,000 Inventory 500,000 10,000 Land 400,000 140,000 Buildings & Equipment - Net 1,000,000 420,000 Investment in Samoa 700.000 Total Assets $2,850,000 $700.000 Accounts Payable Long-Term Liabilities Common Stock Additional Paid in Capital Retained Earnings Total Liabilities and Stockholders' Equity $ 410,000 $80,000 1,090,000 20,000 1,000,000 400.000 100,000 350,000 100,000 $2,850,000 $700,000 On the date of acquisition, the Book Value of Samoa equaled its Fair Market Value, except for land that had a fair market value of 200,000, the fair value of previously unrecorded identifiable intangibles (2-year life) of Samoa was $40.000, and the NonControlling Interest's fair value is $175,000. Palau used the equity method to record its investment in Samoa. During 2020. Palau found that a $7.000 impairment of goodwill took place during 2020. At the end of 2020. Palau owed Samoa $30,000, and Samoa owed Palau $40,000. The following is the trial balance data for Palau and Samoa on December 31, 2020: Palau Samoa Debits: Cash $ 290,000 $ 100,000 Accounts Receivable 210.000 190,000 Inventory 400,000 50,000 Land 300,000 140,000 Buildings & Equipment-Net 1.100.000 330,000 Investment in Samoa 758,400 0 Cost of Goods Sold 550,000 220,000 Depreciation Expense 130,000 50,000 Other Expenses 20,000 30,000 Dividends Declared 100,000 50,000 $3,858,400 $1,160,000 Credits: Accounts Payable $ 400,000 $ 100,000 Long-Term Liabilities 1,100,000 10,000 Common Stock 1,000,000 400,000 Additional Paid in Capital 100,000 Retained Earnings, Jan. 1 350,000 100,000 Sales 910,000 450,000 Income from Subsidiary 98.400 $3,858,400 $1,160,000 Required: A. Prepare the journal entries Palau made during 2020 related to its investment in Samoa. B. Prepare the consolidation eliminating entries needed to consolidate the two companies at the end of 2020. C. Prepare the consolidation working paper. Show all necessary elimination entries in their proper columns