On the date of the business combination of Passman Corporation and Slago Company, the following working paper elimination was prepared (in journal entry format):

PASSMAN CORPORATION AND SUBSIDIARY

Working Paper Elimination

January 31, 2018

Common Stock 100,000

Additional Paid-in Capital 200,000

Retained Earnings 300,000

Inventories- (first-in, first-out cost) 50,000

Plant Assets (net) 150,000

Goodwill 40,000

Investment in Slago Company 840,000

Additional Information

1. On January 31, 2018, the remaining economic life of Sagos plant assets was 10 years, and Slago includes straight-line depreciation in operating expenses.
2. Goodwill was unimpaired on January 31, 2019.
3. Slago declared and paid a dividend of $20,000 to Passman on January 31,2019.
4. Slago had a net income of $90,000 for the fiscal year ended January 31, 2019.

Instructions:

Prepare journal entries for Passman Corporation to record the operating results of Slago Company for the year ended January 31, 2019, under the equity method of accounting. Omit explanations and disregard income taxes.

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