On January 1, 20X8, Chariot Company acquired 100 percent of Stryder Company for $220,000 cash. The trial balances for the two companies on December 31, 20X8, included the following amounts: Chariot Company Debit Stryder Company Credit Credit $30,000 Cash Accounts Receivable Inventory Land Buikdings and Equipment Investment in Stryder Company Cost of Goods Sok Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Mortgages Payable Common Stock Retained Eamings Sales Income from Subsidiany $50,000 60,000 75,000 60,000 300,000 256,000 270,000 30,000 80,000 40,000 40,000 80,000 40,000 120,000 170,000 12,000 63,000 15,000 $120,000 50,000 100,000 200,000 200,000 500,000 51,000 $48,000 27,000 25,000 100,000 70,000 300,000 1.221.000 51,221.000 S570,000$570,000 Additional Information: On the acquisition date, Stryder reported net assets with a book value of $170,000. A total of $10,000 of the acquisition price is applied to goodwill, which was not impaired in 20X8. Stryder's depreciable assets had an estimated economic life of 10 years on the date of combination. The difference between fair value and book value of tangible assets related entirely to buildings and equipment. Chariot used the equity method in accounting for its investment in Stryder. Analysis of receivables and payables revealed that Stryder owed Chariot $10,000 on December 31, 20x8. REQUIRED Give all journal entries that Chariot recorded during 20X8 related to its investment in Stryder. Give all eliminating entries needed to prepare consolidated statements for 20X8. (including optional depreciation entry) a. b