On January 2, 2019, P acquires 80% of the outstanding common stock of Sub for S750,000. The remaining shares of Sub continue to trade for an aggregate of $180,000. On the date of acquisition, the book value and fair market value of Sub's assets, liabilities, and equity were as follows: Fair Market Value 405,000 300,000 200,000 105,000 Book Value Land Building (net) (10 yrs) 180,000 Trademark Bonds Payable (5 year) 100,000 Common Stock Retained Earnings INSTRUCTIONS: a. Prepare the acquisition date fair value allocation schedule. b. Prepare the elimination entries as of the acquisition date. 200,000 100,000 140,000 240,000