On July 1, 2017, Liza Enterprises purchased 75% of Johnson Industries' common stock for its underlying book value of $476,250. At the time of the acquisition, the $158,750 fair value of Johnson Industries non-controlling interest is equal to its book value. Johnson's Common Stock and Retained Earnings balances as of January 1, 2017, were $450,000 and $150,000, respectively. reports the following items: Before Combination After Combination (1/1 to 6/30) (7/1 to 12/31) 300,000.00 225,000.00 345,000.00 200,000.00 Sales Less: Expenses Net Income 75,000.00 145,000.00 Dividends Declared 40,000.00 75,000.00 Required Please prepare and eliminating entries necessary for 2017 On July 1, 2017, Liza Enterprises purchased 75% of Johnson Industries' common stock for its underlying book value of $476,250. At the time of the acquisition, the $158,750 fair value of Johnson Industries non-controlling interest is equal to its book value. Johnson's Common Stock and Retained Earnings balances as of January 1, 2017, were $450,000 and $150,000, respectively. reports the following items: Before Combination After Combination (1/1 to 6/30) (7/1 to 12/31) 300,000.00 225,000.00 345,000.00 200,000.00 Sales Less: Expenses Net Income 75,000.00 145,000.00 Dividends Declared 40,000.00 75,000.00 Required Please prepare and eliminating entries necessary for 2017