On January 1, 20X7, Pell acquired 90% of Sell for $200,000 plus $15,000 in acquisition costs. On the date of acquisition, Sell had the following balance sheet:

(1) Record the investment in Sell. (2) Prepare a value analysis schedule. (3) Prepare a determination and distribution of excess schedule. (4) Prepare all required elimination entries for the January 1, 20X7 consolidated worksheet in general journal format. (5) Complete a consolidated worksheet for Pell and its subsidiary Sell as of January 1, 20X7. (6) Prepare a consolidated balance sheet in good form as of January 1, 20X7.

Sell Company Balance Sheet January 1, 20X7 Assets Liabilities and Equity Accounts Receivable $40,000 Current Liabilities $60,000 Inventory 160,000 Bonds Payable 100,000 Land 60,000 Common Stock, $1 par 150,000 Buildings 150,000 Paid-in Capital 50,000 Accumulated Depreciation (20,000) Retained Earnings 100,000 Equipment 50,000 Accumulated Depreciation (10,000) Goodwill 30,000 Total Assets $460,000 Total Liabilities and Equity $460,000

An appraisal indicates that the following items have fair values that differed from their book values: Accounts Receivable $30,000 Inventory 170,000 Land 90,000 Buildings 110,000 Equipment 30,000 Copyright 60,000 Bonds Payable 105,000

Immediately after the purchase, Pell had the following balance sheet: Pell Company Balance Sheet January 1, 20X7 Assets Liabilities and Equity Cash $50,000 Current Liabilities $120,000 Accounts Receivable 60,000 Bonds Payable 190,000 Inventory 100,000 Common Stock, $1 par 100,000 Investment in Sell 200,000 Paid-in Capital 140,000 Land 200,000 Retained Earnings 400,000 Buildings 240,000 Accumulated Depreciation (50,000) Equipment 90,000 Accumulated Depreciation (40,000) Goodwill 100,000 Total Assets $950,000 Total Liabilities and Equity $950,000

My question is what is the answer to step 4 below:

(4) Prepare all required elimination entries for the January 1, 20X7 consolidated worksheet in general journal format.