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. For the year 2017, Johnson Industries reports the following items: Sales Less: Expenses Net Income Dividends Declared Required: Before Combination (1/1 to 6/30) 300,000.00 225,000.00 75,000.00 40,000.00 After Combination (7/1 to 12/31) Please prepare and eliminating entries necessary for 2017. 345,000.00 200,000.00 145,000.00 75,000.00